Mr Connolly will take up his new role as Interim CEO of the Society from January 1, 2010, subject to final regulatory approval from the Financial Services Authority (FSA).
Mr Woods has held the interim executive role since August 2009. In the ensuing period, the management team has been able to re-allocate key resources to ensure the business continues to operate effectively from both a governance perspective and in the best interests of its Members.
Mr Connolly has been with Royal Liver since 1974 and a member of Royal Liver’s leadership team for 10 years.
Chairman, David Woods, said:
“Bill takes on this role with the full support of the Board and I have every confidence that he has the ability to lead the business forward in these challenging times.
My role as interim chief executive was necessarily temporary and this arrangement is appropriate from both a governance and business perspective.”
Also today, owing to the fact that Finance Director, George McGregor, is now on extended leave due to personal circumstances, the Board has appointed Tony Richards as Interim Chief Finance Officer with immediate effect. Mr Richards has a high level of experience at board-level, gained from a number of major businesses across the financial services industry.
- Ends –
For further information:
Chris Salt / Maria Shum HeadLand Consultancy 0207 367 5222
Notes to Editors
Background on the Group
The Royal Liver Group encompasses a number of specialist financial services companies in the UK and Republic of Ireland. Within the Group sits Royal Liver Assurance Limited - an Incorporated Friendly Society, founded in Liverpool in 1850 for the mutual benefit and financial security of local families.
Royal Liver is owned by policyholders – or Members – rather than shareholders, and it has more than 3 million policies in force and 1 million Members. It has £3.2 billion assets under management. Royal Liver is a Member of the Association of Mutual Insurers (AMI).
Core business areas
Royal Liver Assurance exists to service and maintain Royal Liver policies with a focus on delivering value back to policyholders.
www.royalliverassurance.com
Progress is Royal Liver’s online-only Protection service for the UK. A multi-award winning company, Progress is a manufacturer and provider of products for independent financial advisers, including Life, Income and Critical Illness Cover.
www.ifa.royal-liver.com
Caledonian Life was formed in 2001, building on the 200-year old Caledonian brand in the Republic of Ireland. It manufactures and provides Protection and Protected Investment Products for independent brokers in the Republic of Ireland.
www.caledonianlife.ie
The Delegation
Royal Liver has had a Delegation system since 1886; the Members of Royal Liver elect fellow Members to act as the sole representative body. There are around 200 Delegates and they are authorised to take decisions on behalf of the Membership at General Meetings of the Society.
Royal Liver Group 2007 Royal Liver Assurance Limited is authorised and regulated by the Financial Services Authority.