Paul Matthews, Standard Life’s chief executive of UK and Europe, is to retire from the firm after 28 years.
Matthews, who joined the firm in 1989 in a distribution role, will step down in March and retire in August.
Barry O’Dwyer, currently chief executive at Standard Life Assurance, will replace Matthews on the board as an executive director. His role will now incorporate Matthews’ responsibilities for the pensions and savings business.
O’Dwyer’s basic early salary will be £525,000 with a maximum bonus based on performance of up to 150 per cent of the salary.
Standard Life chairman Sir Gerry Grimstone says: “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.”
Grimstone adds: “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.”
Matthews became UK chief executive in 2011 and was appointed UK & Europe chief executive in 2012. He has been an executive director at Standard Life since November 2015.
As a result of the changes, the Standard Life board will now include a chairman, four executive directors and seven non-executive directors.