UK’s mutual life insurer Royal London has appointed Barry O’Dwyer as its new group CEO who will assume the new role in September, following regulatory approval.

With the appointment of O’Dwyer, the six-month exercise of finding a CEO that started in December last year has ended.

O’Dwyer will succeed outgoing CEO Phil Loney, who will step down on 28 June. However, Loney will continue with the insurer for the rest of the year to ensure a smooth transition.

O’Dwyer joins Royal London from Standard Life Aberdeen, where he worked as head of the UK business. Prior to that, he acted as the CEO of pensions and savings unit of Standard Life.

He was also been associated with HBOS and Prudential.

Royal London chairman Kevin Parry said: “His vision for our industry coupled with extensive experience of retail and wholesale pension and savings products will allow him to build on Royal London’s existing market position.

“Phil Loney has led seven years of major change in our business reflecting the introduction of pension freedoms and workplace pensions. The Board thanks him for his unstinting commitment to the development of Royal London and wishes him well for the next stage of his career focusing on his charitable interests.”

O’Dwyer said: “I am delighted to be joining Royal London to build on the fantastic work of the last few years.  The business has capitalised on some of the big trends in our market through a winning combination of great service to intermediaries and excellent value for customers and members.”

Last month, Royal London offloaded its pension administration subsidiary, RL Corporate Pension Services, to XPS Pensions Group.