Royal London, the UK’s largest mutual life and pensions company, has announced that its group chief executive, Mike Yardley, is planning to step down after 12 years in the post.

He will stay in his position while his company looks for a successor, stepping down only when his replacement has been appointed. The board of Royal London will consider internal and external candidates and has retained a firm of headhunters. Overseas candidates will be considered. No timetable has been set.