JOHN Deane, who has led Edinburgh-based Scottish Life for five years, is quitting Royal London group in a management shake-up.
Mr Deane, 53, has presided over a period of strong growth at Scottish Life, the major earner in the Royal London group, and had been tipped for the top job at the life and pensions mutual on the retirement last year of Mike Yardley.
The group said he had no immediate plans for another industry role.
Mr Deane earned £946,000 last year including a £486,000 bonus and had options worth £808,000. He had 33 years' experience in the industry and since 2007 has been head of its intermediary businesses including Bright Grey and latterly Scottish Provident.
Most of his role is being handed to Hugh McKee, a former Prudential executive who has been chief executive of the Caledonia Life business in Dublin which Royal London has owned since last July when it acquired Royal Liver.
Phil Loney, the former Lloyds executive who succeeded Mr Yardley last October, paid tribute to Mr Deane's "exceptional performance, vision and commitment".
Scottish Life employs 1350 people directly in Edinburgh and Glasgow and has maintained employment since the financial crash. Mr Loney has created two new senior roles and hired one external executive.
Jerry Toher, chief executive of the group's online financial planning tool MoneyVista becomes chief executive of consumer business, which includes RL Plus, Royal London's life and pensions administration business. Isobel Langton, customer experience director of Scottish Life, will be a new group customer services director.
Andrew Grant will take up the newly created role of group IT and change director. He joins in September from the specialist underwriting group Amlin.
Mr Loney said: "These high-calibre appointments will provide a powerful focus, clarity and strong leadership across our businesses."
The new chief executive picked up a "golden hello" of £1.28 million in compensation for leaving Lloyds, while Mr Yardley's farewell remuneration totalled £4m in option entitlements.
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