Keith Skeoch to become new Standard Life boss as David Nish steps down

Standard Life has this morning announced that chief executive David Nish is to step down on 5 August after nine years in the position.

Keith Skeoch, currently chief executive of investment arm Standard Life Investments, will succeed him, the Edinburgh-based firm said.

A statement from the insurer read: “The execution of Standard Life’s strategy has accelerated over the last year with the acquisition of Ignis Asset Management and the disposal of its Canadian companies. Over recent months David and the Standard Life Board have been discussing the development of our senior leadership and succession planning to continue the delivery of our strategy. In light of this, the Board and David have agreed that this is the right time to hand over to his successor.”

Standard Life chairman Sir Gerry Grimstone, said: “David has shown great leadership over the last six years and the outstanding progress we have made in that time has been achieved through his incredible drive and determination. He has changed the shape of Standard Life allowing us to successfully grow globally through world class investment management and distribution businesses. On behalf of the Board I would like to say thank you and pay tribute for all that he has achieved. He leaves the business in extremely good shape with a clear and successful strategy, strong operational performance and a depth of leadership talent.

“I am very pleased that Keith Skeoch is to become our new chief executive. He’s 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. He has an exceptional understanding of world markets and the opportunities they offer, and has the right talent and experience to continue to deliver our strategy and take Standard Life on the next stage of our journey.”

Mr Nish, said: “One of the most important responsibilities of a Chief Executive is recognising both the right time to pass the baton and also to help ensure it is passed on to the right person. Now is the right time for both the group and myself. It has been an absolute privilege to lead Standard Life for the last six years and to help build our business into the strong global player it is today.”

He added: “For me it will be a time of mixed emotions as I prepare for a new future, however I know that Standard Life is in good hands. Keith is the right person to continue to deliver on our strategy and I wish him every success for the future.”

Keith Skeoch said: “I am delighted to have the opportunity to lead Standard Life. Standard Life has been both transformed and simplified in recent years. This has put the fundamentals in place to build a world class business with investment management at its heart, serving savers and investors through our strong and innovative distribution channels. It’s a great honour to have the responsibility for the next phase of our growth and I’m excited by the challenge.”