Rowney joined the firm in 2007 as chief operating officer and was responsible for driving profits of £41m in LV’s life business last year, turning around losses of £7m recorded in 2014.
Prior to LV, Rowney spent 14 years at Barclays in a number of senior positions across corporate and retail banking, including integration director and chief operating officer for premier banking. He has an MBA from Henley Business School and has completed the Harvard General Management Programme.
Rowney will take over from Mike Rogers, who announced his intention to step down as chief executive in April after 10 years in the role. Rowney will take up the appointment later this summer, after a short handover period.
Mark Austen, chairman, LV, said: “Mike Rogers has led LV with great distinction and success, transforming the business culture and its financial performance. We thank him for all he has achieved for our members, customers and staff over the last decade.
“Richard is an exceptionally talented business leader and the board is confident that he is the right person to build on the heritage of the Society’s 170 year history and the platform that Mike Rogers has created to take LV to the next level.”
Rowney added: “In a changing financial world, our approach remains consistent; earning trust by providing good value backed up with great values. I’m fully aware of the board’s ambition for LV and am excited by the challenges and opportunities that lie ahead.”