Henderson chair Pennant-Rea to join Royal London
Henderson non-executive chairman Rupert Pennant-Rea is to stand down in May 2013 as the asset manager unveils a corporate restructure.
Pennant-Rea (pictured), a former deputy governor of the Bank of England, will take over at Royal London from current non-exec chair, Tim Melville-Ross, who is to retire.
Henderson said a “comprehensive search” for Pennant-Rea’s successor is underway. He has been chairman of the group since 2005.
The asset manager has separately changed its tax residence from the Republic of Ireland to the UK via a corporate restructuring.
A decision to reduce the number of executive directors at Henderson has also seen CIO David Jacob and property MD James Darkins step down from the board as of yesterday.
“[Henderson] has come a long way since it demerged from AMP and relisted, and has made two successful acquisitions in recent years. I am leaving the company and the board in good shape,” Pennant-Rea said.
At Royal London, Melville-Ross’ decision to retire marks the end of a 13-year period on the group’s board. He has been non-executive chairman of the group for the past six years.
Chairman designate Pennant-Rea will take over at Royal London’s AGM in May next year. He is also non-executive chairman of the Economist group, and a non-executive director of Go-Ahead Group, Gold Fields Limited (South Africa) and Hochschild Mining.
This article was first published on Investment Week