Sir Adrian Montague must be relieved now that Resolution's takeover of Friends Provident has finally completed. The past couple of years have been a roller-coaster ride for Friends' former chairman, who took executive control in late 2007 after the assurer's merger agreement with the old Resolution fell through and the board removed chief executive Philip Moore .

Sir Adrian retires along with other Friends' directors Rodger Hughes , Ray King and David Rough , ex-Legal & General fund manager. Friends will still have a board, led by former Co-operative Bank chief Sir Mervyn Pedelty as chairman. Robin Phipps and Gerhard Roggemann will carry on as directors alongside chief executive Trevor Matthews and finance director Evelyn Bourke . They are joined by Resolution's Clive Cowdery , John Tiner , Costain chairman David Allvey and Sir Malcolm Williamson , former Standard Chartered boss.