Nationwide BS Chair to step down from senior role

Kevin Parry, Chairman of Nationwide has announced his decision to step down from his role at Royal London after serving on the board for six years. Parry, 62, informed the board of the insurance and asset management company that he was leaving immediate effect.

During his tenure, Parry played a key role in shaping the group’s strategy and attempted to lead an acquisition of the rival insurance mutual LV=, though it was ultimately unsuccessful.

Lynne Peacock, currently the deputy chair, will take on Parry’s responsibilities on an interim basis while the search for a permanent replacement gets underway. Peacock expressed her gratitude for Parry’s leadership, stating: “On behalf of the board, I would like to thank Kevin for his advice and guidance in leading the strategic development of Royal London over the time of his tenure and wish him all the best in his next ventures.”

In a statement, Parry reflected on his time with the group, saying: “It has been a privilege to chair Britain’s leading mutual insurance and asset management group.” However, he acknowledged the need for a new chair who can commit to a longer-term role: “The group needs to continue to develop its strategy to take advantage of market opportunities for growth across its insurance and asset management businesses for the benefit of our members. That requires leadership from a chair who can commit to a medium-term tenure of five or so years, which is not available to me.”

Before joining Royal London, Parry served as a finance director at Schroders and was a senior independent director at the funds house now known as Abrdn. He is also the current chair of Nationwide, which recently merged with Virgin Money in a £2.9 billion deal, further diversifying its offerings beyond mortgages.

Parry’s departure comes at a challenging time for Royal London, which has seen fund redemptions following the exit of star fund manager Peter Rutter. Since Rutter’s departure was announced in April, investors have withdrawn £1.7 billion from funds managed by him, adding pressure on the mutual insurer.