Standard Life board changes as Matthews retires and O’Dwyer steps up

Edinburgh-based insurance giant Standard Life has announced today that CEO UK & Europe Pensions and Savings, Paul Matthews, is to stand down as an executive director to be replaced by Barry O’Dwyer, currently CEO Standard Life Assurance Limited.

The firm also said Mr Matthews will retire from SL on 31 August, ending a career at the firm that began with the firm in 1989.

He went on to hold 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 in 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 last September.

As well as replacing Mr Matthews on the Board, he will also assume his predecessor’s responsibilities in the pension & savings business.

Standard Life chairman Sir Gerry Grimstone, 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 Standard Life 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.