Released: 19/10/2009
com:20091019:RnsS9613A
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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 Nishwill 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 ofApril 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 - GlasgowUniversity (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 Scottish Power plc
(1997 - 1999) Deputy Finance Director
(1999 - 2005) Finance Director
(2005) 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 OrchestraSociety Limited
2001 - 2002 Thus plc
This information is provided by RNS
The company news service from the London Stock Exchange
END
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