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LONDON - Royal London, the UK’s largest mutual life, pensions, and investment company, announced a key change to its board with the upcoming departure of Tim Tookey, the current Chair of the Audit Committee. Tookey will step down following the Annual General Meeting (AGM) on Tuesday, after contributing five years of service to the company. Succeeding him, Gregor Stewart will assume the role of Chair of the Audit Committee, pending regulatory approval.
Tookey, who has been a non-executive director at Royal London since April 2020, is retiring after a notable 40-year tenure in the financial sector. He had previously communicated his intention to retire to the board earlier this year.
Stewart’s appointment brings a wealth of experience to the board, with a background that spans the insurance and asset management industries. A chartered accountant since 1988, Stewart became a partner at EY in 1999, focusing on audit and advisory services for major clients in insurance, pensions, and investment management. His career also includes a four-year stint as Finance Director of the Insurance Division at Lloyds Banking Group (LON:LLOY) plc, including Scottish Widows. Stewart currently serves as Chair of FNZ Group and as a non-executive director of Direct Line (LON:DLGD) Insurance Group plc. His past roles include Chair of Alliance Trust plc (LON:ALWA) and Chair of Quilter Financial Planning Ltd.
Isabel Hudson (NYSE:HUD), Chair of Royal London, expressed gratitude for Tookey’s significant contributions and welcomed Stewart, highlighting his extensive experience and leadership qualities. She anticipates that Stewart’s expertise will be invaluable as the company continues to progress.
In response to his appointment, Stewart expressed his honor in joining the Royal London Board and his eagerness to contribute to the company’s ongoing growth and strategy, emphasizing the company’s commitment to its members and customers.
This transition in the audit committee’s leadership occurs as Royal London continues to navigate the complex financial landscape, aiming to maintain its position as a leading provider of financial services in the UK. The information is based on a press release statement.
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