Ceeney was appointed alongside Suzy Neubert, a senior independent director of Witan Investment Trust.

They will join the board on 1 March subject to regulatory approval. The duo will replace David Barral and Alison Hutchinson. Luke Savage, another member of the board will also be stepping down.

Natalie Ceeney is an experienced chief executive and non-executive director with strong financial services and regulatory experience.

She was chief executive officer of the FOS between 2010 and 2013 and has held non-executive roles on the boards of FCE Bank plc, Anglian Water Group Ltd, Innovate Finance Ltd and Countrywide plc.

Suzy Neubert has deep financial services experience as both executive and non-executive director. She is a non-executive director of Jupiter Fund Management plc and of ISIO the pensions & actuarial firm.

Her executive roles have included managing director of Equities at Merrill Lynch followed by 14 years as global head of sales & marketing at J O Hambro Capital Management.

Further to its announcement of board changes on 7 February, LV= also confirms that Alan Cook has today stepped down as chair with Seamus Creedon becoming interim chair with immediate effect.

LV= interim chair Seamus Creedon says: “As interim chair, my first task in refreshing the board was to bring in new directors who will continue to develop LV= as a growing mutual insurer. In Natalie and Suzy, we have two highly experienced, independent directors who will bring a wealth of expertise to the board.

“The process to recruit a permanent chair is also underway and we are seeking an established chair with extensive commercial and technical knowledge of life insurance or wider financial services and experience of diverse business models.”

Ceeney adds: “LV= is an historic brand with an impressive history and strong heritage. I look forward to working with board colleagues to grow and develop LV= as a sustainable mutual insurer, putting customers at the heart of LV=’s future.”

Neubert says: “This is an exciting time for LV= and an opportunity to put the company on a stronger footing for the benefit of our members, employees and our wider communities. It’s a story of which I will be proud to play a part.”