Royal London’s group chief executive has confirmed his intention to quit after 12 years with the mutual organisation.

Mike Yardley said the time is now right to appoint his successor, having seen the business grow profitably for the benefit of members over a sustained period of time.

He explained, ‘I will be leaving the company once my successor has been appointed. I am confident that Royal London is in an excellent position to continue to grow profitably for the benefit of our members and I believe this is an appropriate time to start the search for the person to lead the company in its next phase of development.

‘On leaving Royal London I hope to use my experience to help the life assurance and asset management industry tackle the many challenges ahead.’

The organisation’s chairman, Tim Melville-Ross, said the organisation has changed completely under the leadership of Yardley.

He added, ‘When Mike was appointed chief executive in 1998, Royal London was a home service provider with a high cost base and a diminishing franchise.

‘Mike built a strong executive team and, through a series of transactions and a robust approach to cost control and business development, Royal London has now become a strongly capitalised, diversified group offering quality products and services to its members and customers.

‘Royal London, its customers and members have every reason to be grateful for what he has achieved. Mike is an outstanding chief executive who has transformed Royal London into the successful and well-regarded organisation it is today.

‘He has also played a leading role in bringing about some of the changes in the financial services market place which will lead to higher quality and better value products and services for customers everywhere.

‘To ensure an orderly transition, Mike will continue as group chief executive until a successor is appointed.’

The Board has appointed a firm of executive recruitment specialists to identify potential candidates to be the next group chief executive but no timescale has yet been set for this work, and both internal and external candidates will be considered.