Newspaper article The Evening Standard (London, England)

Standard Life Chief Steps Down as Shake-Up Looms

Newspaper article The Evening Standard (London, England)

Standard Life Chief Steps Down as Shake-Up Looms

Article excerpt

Byline: STEVE HAWKES

STANDARD Life chief executive Iain Lumsden has quit as the mutual begins a strategic review that could see the biggest shake-up in its 178-year history with a stock market float.

More than two million policyholders at the troubled group stand to pocket more than [pounds sterling]1000 if the group decides to go public to protect its balance sheet and raise fresh capital.

Standard Life said Lumsden, who took over from Scott Bell in 2002 after spending his career with the mutual, is going immediately.

Chairman Sir Brian Stewart said: "The board accepted Iain's view that he would not have been able to see the strategic review through to implementation because of his planned retirement date."

Lumsden was due to step down in 18 months, the time analysts believe Standard Life would need to de-mutualise if it chooses such a course. Sandy Crombie, chief executive of Standard Life Investments, will take over.

Stewart said: "We are fortunate to have someone of the calibre and reputation of Sandy Crombie to replace Iain and lead the company through the challenging period ahead. …

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