Directorate Change

RNS Number : 9613A

Standard Life plc

19 October 2009

 



Standard Life plc

Standard Life appoints a successor to Sir Sandy Crombie

Standard Life plc ('the Company') today announces that David Nish will succeed Sir Sandy Crombie as Group Chief Executive with effect from 1 January 2010.

David joined Standard Life on 1 November 2006 as Group Finance Director and a director of Standard Life plc.  Prior to joining Standard Life, David held senior roles at Scottish Power plc including Finance Director and Executive Director, Infrastructure Division.  Previously, he was a partner at Price Waterhouse.

This appointment follows an extensive worldwide search. Gerry Grimstone, Chairman of the Company, led the search, establishing an Appointments Committee consisting of the Company's non-executive directors.  The FSA has approved this appointment.

Gerry Grimstone, Chairman of Standard Life commented:

"I am delighted to announce that David Nish will succeed Sir Sandy as Group Chief Executive of our business.  David has a proven track record in our business, and has played a pivotal role in the delivery of our strategy since he joined the company.  His unrivalled understanding of our business, his leadership capabilities and strategic vision make him the ideal candidate to lead Standard Life into the next phase of its development."

Sir Sandy Crombie, Group Chief Executive, commented:

"Since he joined us in 2006, David has made an outstanding contribution to Standard Life and I am delighted for him that he has been selected to lead this business. I will continue to work with David and the executive team to deliver against our strategy in the next few months, ensuring the business is in the best of shape when he assumes his new role in January."

David Nish, Group Chief Executive designate, commented:

"I am immensely proud of what our organisation has achieved over the past few years and I am excited to be given the opportunity to lead Standard Life.  We have built a strong, resilient and successful business.  In these challenging markets, it is vital that we maintain the momentum we have built and I am very much looking forward to taking over from Sir Sandy to lead the company to what I hope will be even greater future success."

No other information is required to be disclosed pursuant to paragraphs LR 9.6.11R and LR 9.6.14R of the Listing Rules of the Financial Services Authority.

19 October 2009

Enquiries:
Gordon Aitken, Investor Relations	0131 245 6799
Barry Cameron, Media Relations	0131 245 6165
Nicola McGowan, Media Relations	0131 245 4016
Graeme McEwan, Group Communications	0131 245 5593
Kenneth Gilmour, Group Secretariat	0131 245 0751

END

Notes to Editors
Transitional details
1.	David Nish will take up his role as Standard Life Group Chief Executive on 1 January 2010.
2.	Sir Sandy Crombie will stand down from his position as Standard Life Group Chief Executive and a director of Standard Life plc on 31 December 2009, but will remain with the business until the end of April 2010 to ensure a smooth transition takes place.

New service contract
1.	David Nish's basic salary will be £700,000 per annum.
2.	Bonuses are paid annually subject to performance. The target level of bonus payable under the Short Term Incentive Plan ('STIP') will be 75% of salary and the maximum level will be 175%. Under the Long Term Incentive Plan ('LTIP'), the maximum value of shares as at the date of grant will be 200% of salary.  Any bonuses paid or deferred, whether under the STIP or LTIP, will be subject to such clawback provisions as determined by the Remuneration Committee.

David Nish
Biographical details:
Nationality:	British
Date of Birth:	5 May 1960
Education/Qualifications:	Bachelor of Accountancy - Glasgow University (1981) Chartered Accountant (ICAS) (1984)
Career summary:
1981 - 1997	Price Waterhouse
Joined Price Waterhouse in 1981 before qualifying as a Chartered Accountant in 1984. Based in Canada between 1987-89.  Made a full equity partner in 1993, working on a portfolio of substantial audit assignments, including several significant plcs and international groups in a wide range of industry sectors.
1997 - 2005 (1997 - 1999) (1999 - 2005) (2005)	Scottish Power plc Deputy Finance Director Finance Director Executive Director, Infrastructure Division
Began career with Scottish Power as Deputy Finance Director and appointed to the role of Finance Director and main Board director in 1999. Responsibilities included strategic financial management, delivery of transactions, performance management, financial reporting, treasury, tax, internal audit and risk management.   In 2005 was appointed to the role of Executive Director, Infrastructure Division. Director responsible for the Group's UK regulated Transmission and Distribution businesses, with a focus on improving operational effectiveness and identifying new growth opportunities.
2006	Standard Life plc Group Finance Director
Joined Standard Life as Group Finance Director and director of Standard Life plc in November 2006. Responsible for strategic financial management, delivery of transactions, performance management, financial reporting, investor relations, treasury, tax, internal audit and risk management.
Non-Executive roles:
2005	Northern Foods plc Non-Executive Director, Chairman of Audit Committee
2002 - 2008	Royal Scottish National Orchestra Society Limited
2001 - 2002	Thus plc

 

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