Henderson chair Pennant-Rea to join Royal London

Henderson non-executive chairman Rupert Pennant-Rea is to stand down in May 2013 as the asset manager unveils a corporate restructure.

Pennant-Rea (pictured), a former deputy governor of the Bank of England, will take over at Royal London from current non-exec chair, Tim Melville-Ross, who is to retire. Henderson said a "comprehensive search" for Pennant-Rea's successor is underway. He has been chairman of the group since 2005. The asset manager has separately changed its tax residence from the Republic of Ireland to the UK via a corporate restructuring. A decision to reduce the number of executive directors at Henderson has also seen CIO David Jacob and property MD James Darkins step down from the board as of ye...