Standard Life chief to stand down
- Credit: PA
Insurer Standard Life said today its chief executive David Nish is to stand down after six years at the helm of the business.
The Edinburgh-based firm said Mr Nish will step down on August 5, and will be replaced by the group's current head of Standard Life Investments, Keith Skeoch.
Mr Skeoch joined the firm in 1999 as chief investments officer of Standard Life Investments, from rival financial services group James Capel. He has been on the full board of Standard Life since 2006.
The pensions giant holds £258 billion under management and employs 6,500 staff.
Over the last year Standard Life has bought Ignis Asset Management for £390 million and sold its Canadian companies for £2.2 billion to Toronto-based rival Manulife Financial as it focuses on other market-leading businesses.
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Mr Skeoch said: 'I am delighted to have the opportunity to lead Standard Life. Standard Life has been both transformed and simplified in recent years.'
Standard Life said talks about succession planning among its senior management had been carried out over the last several months.
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Standard Life chairman Sir Gerry Grimstone said that Mr Skeoch has 'been an integral member of Standard Life's senior team over the last 11 years. Under Keith's leadership the asset management part of our group has developed into a leading global player'.
Mr Nish added: 'One of the most important responsibilities of a chief cxecutive is recognising both the right time to pass the baton and also to help ensure it is passed on to the right person.'