Lombard, the Luxembourg-based wealth management subsidiary of Friends Life, said John Stone, who founded the company in 1991 and has been chairman ever since, is to retire in mid-February to focus on his charitable foundation www.thesff.com. Norbert Becker, currently a non-executive director of Lombard, will become chairman.
Meanwhile, CEO David Steinegger, will leave the company in May “to pursue other business interests” and will be replaced by Matt Moran who has been chief financial officer since December 2009. Moran is due to take up the role after a short handover period.
Sir Malcolm Williamson, chairman of Lombard’s parent company, Friends Life Group, said: “John Stone and David Steinegger have done a fantastic job in building Lombard into the leading pan-European wealth management business and a key part of Friends Life Group’s international business. I thank them both for their contributions and wish them every success with their future ventures.”