Directorate Change

RNS Number : 8555H

Standard Life plc

23 May 2014

Standard Life plc

Standard Life appoints Chief Financial Officer

Standard Life plc ('the Company') today announces that Luke Savage has been appointed Chief Financial Officer and an executive director of the Company with effect from 18 August 2014. He is a leading industry executive with extensive experience of insurance and investment services. The appointment follows a global search.

Since 2004, Luke Savage has been Director of Finance and Operations at Lloyd's of London ('Lloyd's'), the specialist insurance market operating in over 200 countries and territories with premium income of c. £25bn per annum. He was responsible for the programme to implement Solvency 2 across the Lloyd's market, and delivery of significant change to the operations of the business and the market.

Prior to his time at Lloyd's, Luke spent four years at Deutsche Bank as Global CFO for the equities business and ten years with Morgan Stanley in various financial controller roles.

David Nish, Chief Executive, Standard Life, said:

"Luke has exceptional insurance and investment markets experience and I am delighted to welcome him to Standard Life.

"He is joining the Group at a time of significant opportunity with unprecedented change across the markets in which we operate. We are trading strongly and have significant opportunities to grow further, including the acquisition of Ignis. Luke's proven track record as a highly commercial Chief Financial Officer will support the delivery of our strategy.

"He will be a great addition to our team and I very much look forward to working with him."

Luke Savage commented:

"Standard Life has been able to combine its unique heritage with a truly customer focused and forward thinking strategy and has achieved a great deal over the past few years. The company has created great opportunities for future growth and I'm excited to be joining at this time."

Following this appointment, the Company's Board will comprise the Chairman, three executive directors and seven non-executive directors. The Financial Conduct Authority and the Prudential Regulation Authority have approved this appointment.

23 May 2014

Enquiries:

Kenneth Gilmour, Group Secretariat	44 (0)131 245 0751/ 44 (0)773 497 4073
Barry Cameron, Media Relations	44 (0)131 245 6165/ 44 (0)771 248 6463
Lorraine Rees, Investor Relations	44 (0)207 872 4124/ 44 (0)773 830 0878

END

Notes to Editors

Service contract
1.	Luke Savage's basic salary will be £600,000 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 65% of salary and the maximum level will be 150%. Luke Savage will participate in the Long Term Incentive Plan ('LTIP'). Under the LTIP, the target and maximum values of shares as at the date of grant will be 62.5% and 125% of salary. Any bonuses paid or deferred will be subject to such clawback provisions as determined by the Remuneration Committee.

3.	Luke Savage has not been appointed for a fixed term but his service contract contains a notice provision under which he may terminate upon 6 months' notice and the Company may terminate upon 12 months' notice.

4.	The Company will compensate Luke Savage for any short term bonus award for 2014 forgone as a consequence of leaving Lloyd's. In addition, any long-term awards forfeited as a consequence of joining Standard Life will be replaced on a like-for-like basis.

Interest in shares

As at 23 May, Luke Savage has confirmed that he does not hold any shares in the Company.

Regulatory Disclosures


1.	Save as disclosed above, there are no matters relating to the appointment of Luke Savage that need to be disclosed pursuant to paragraphs LR 9.6.11R and LR 9.6.13R of the Listing Rules of the Financial Conduct Authority.

Luke Savage
Biographical details:
Nationality:	British

Education/Qualifications:	Imperial College London, 1984 BEng, Electrical & Electronic Engineering
	Member of the institute of Chartered Accountants of England and Wales, 1987
Career summary:
2004-present	Lloyd's of London Director of Finance and Operations

2000-2004	Deutsche Bank (UK) Global CFO Equities

1990-2000	Morgan Stanley & Company (UK) Financial Controller - Strategic re-engineering Financial Controller - Fixed Income product control Project Accountant
1988-1990	Lloyds Bank plc Corporate banking and Treasury

1984-1987	Price Waterhouse CA Training contract