Mutual LV= Goes Into Bat For Next Chief

LV=, the financial services group which is one of Britain's biggest mutuals, has kicked off a search for a successor to its long-standing chief executive.

Sky News has learnt that LV=, formerly known as Liverpool Victoria, will announce on Friday that Mike Rogers is to step down after a decade in charge.

The group, which is the UK's biggest friendly society, has almost six million customers and has boosted its profile through a series of initiatives including the sponsorship of English county cricket.

Mr Rogers, a former Barclays (LSE: BARC.L - news) executive who took over at LV= in 2006, has not yet set a firm date for his departure, according to insiders.

However, he is said to be likely to step down within the next 12 months‎ having presided over a sharp upturn in the group's performance over the last decade.

A big provider of car, home and travel insurance, it ‎also offers a range of investment and savings products.

More than one million of LV='s customers are also members, giving them a direct stake in the company's performance.

Founded in Liverpool in 1843 by William Fenton, a customs official, it was designed to help the city's poor save for their funerals, and became known for its 'penny policies' targeted at customers with limited financial means.

Now (NYSE: DNOW - news) employing more than 6,000 people, it has grown assets under Mr Rogers' stewardship from £8.2bn a decade ago to more than £14.5bn at the end of last year.

Mr Rogers also serves as a director of the taxpayer-backed Royal Bank of Scotland (LSE: RBS.L - news) , and is expected to take on a number of other board positions.

LV= declined to comment on Thursday.