Henderson chairman steps down to join Royal London

The chair of Henderson Group Rupert Pennant-Rea will stand down from the board in May, investors were told, at the same time as wider corporate structure changes were unveiled at the company.

By the time of his departure next year, Pennant-Rea will have been a director at Henderson for almost nine years and announcing his intention to leave Pennant-Rea said the company had 'come a long way' since his arrival.

'I am leaving the company and board in good shape,' he said.

Pennant-Rea's decision coincides with his appointment to the Royal London Group board as a non-executive director and chairman designate.

Henderson said that a 'comprehensive search' for his successor is already underway.

In addition, Henderson used the same statement to the market to announce a raft of other changes, including a shift in its tax residency from Ireland to the UK by means of a corporate restructuring and a move which sees all of the group's strategic decision making move to Britain as well.

As a result of this change Henderson said its board had decided to reduce its number of executive directors.

David Jacob and James Darkins stepped down with effect from 12 December.