Directorate Change

RNS Number : 1399V

Standard Life plc

26 January 2017

 

Standard Life plc

Directorate Change

The Board of Standard Life plc ('the Company') announces the following changes.  With effect from 1 March 2017, Paul Matthews, CEO UK & Europe Pensions and Savings will stand down as an Executive Director and Barry O'Dwyer, currently CEO Standard Life Assurance Limited, will be appointed to the Board as an Executive Director.

Paul Matthews will retire from the Company on 31 August 2017.  He joined Standard Life in 1989 and, following senior roles in distribution and relationship management, was appointed UK Chief Executive Officer in 2011 and UK & Europe Chief Executive Officer in 2012.  He was appointed to the Board of Standard Life Assurance Limited in 2007 and the Board of the Company on 1 November 2015.

Barry O'Dwyer joined Standard Life in 1988 and between then and 2008 held various marketing, product development and actuarial roles.  From 2008-2013 he held senior roles with HBOS and Prudential, including as Prudential's Deputy Chief Executive, UK & Europe.  He rejoined Standard Life in 2013 as Managing Director of Workplace and Corporate Pensions, and was appointed CEO, Life Assurance in 2016.  He was appointed to the Board of Standard Life Assurance Limited on 1 September 2016.

As well as replacing Paul on the Board, Barry will also assume Paul's responsibilities for the Pension & Savings business.

Commenting on these changes, Sir Gerry Grimstone, Chairman of the Company said:

"My thanks go to Paul for his service over the past 28 years. His dedication and commitment to Standard Life during that time is unparalleled and we owe him a tremendous debt of gratitude. We will miss him.  

I would like to welcome Barry to the Board. His extensive knowledge of the savings market will provide valuable insight to inform our thinking and ensure customer and client interests remain at the centre of our decision making."

Following these changes, the Company's Board will comprise the Chairman, four executive directors and seven non-executive directors.  The Board will be made up of three women and nine men.

The Financial Conduct Authority and the Prudential Regulation Authority have been informed of these changes and no other information is required to be disclosed pursuant to paragraph LR 9.6.13R of the Listing Rules of the Financial Conduct Authority.

26 January 2017

Enquiries:

Media: Steve Hartley	[phone]* [phone]
Institutional Equity Investors: Jakub Rosochowski	[phone]* [phone]
Group Secretariat: Paul McKenna	[phone]*

* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

END

Standard Life plc's LEI Code is 0TMBS544NMO7GLCE7H90

Notes to Editors

Service contract

Barry O'Dwyer

1.	Barry O'Dwyer's basic salary will be £525,000 per annum.
2.	From appointment, Barry O'Dwyer's remuneration will be subject to the Remuneration policy for executive directors as published in the Directors' Remuneration Report. Bonuses are paid annually subject to performance.  The maximum level of bonus payable under the Group Annual Bonus plan will be 150% of salary.  Barry O'Dwyer will participate in the Standard Life plc Executive Long Term Incentive Plan ('Executive LTIP').  Under the Executive LTIP, the maximum number of shares as at the date of grant, will be 120% of salary.  Any bonuses paid or deferred will be subject to such clawback provisions as determined by the Remuneration Committee.
3.	Barry O'Dwyer 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.

Interests in shares

1.	As at 25 January, Barry O'Dwyer holds 66,913 shares and has options over 324,185 shares.
Biographical details:  Barry O'Dwyer
Nationality:		Irish
Career summary:
2013 - Present 2016 - Present 2015 - 2016 2014 - 2015 2013 - 2014		Standard Life CEO Life Insurance MD, Corporate Retail & Wholesale MD, Adviser & Workplace MD, Workplace
2009 - 2013 2010 - 2013 2009 - 2010		Prudential Deputy Chief Executive UK & Europe MD, Retail Life & Pensions UK & Europe
2008 - 2009		HBOS Financial Services Products & Marketing Director
1988 - 2008 2006 - 2008 2002 - 2006 2000 - 2002 1999 - 2000 1993 - 1999 1988 - 1993		Standard Life Managing Director, Marketing Marketing Director Marketing Development Manager - Corporate Pensions Standard Life Ireland Finance Director Actuarial management roles in UK and Ireland Non-management actuarial roles in UK and Ireland
Other Appointments:		Board Member of the Association of British Insurers (ABI)
		Chair of the ABI Long Term Savings Committee

Barry O'Dwyer is a Fellow of the Institute of Actuaries

Remuneration arrangements - Paul Matthews

1.	Paul Matthews will continue to be eligible for his salary and benefits until 31 August 2017 and will accrue bonus until this date.  He will not be eligible to participate in the 2017 Executive LTIP award.  Existing LTIP grants will be pro-rata'd up to 31 August 2017.

 

END

 

 

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