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British Standard Life names David Nish next CEO, lands £3.3m pay deal

By Robert J. Steiner for CEOWORLD Magazine Updated:October 19, 2009

British life insurer Standard Life Plc (LON:SL) named its finance director David Nish as its next Chief Executive Officer will succeed Sir Sandy Crombie in January.

His appointment comes at the end of 12 months that has seen the insurer make a number of senior marketing appoints and restructure its UK marketing team.

Mr Nish will be paid £700,000 a year, lower than Sir Sandy’s £745,000 basic salary last year, as well as cash and share bonuses worth up to a maximum of £2.625 million in his new role, which he will assume on January 1, 2010.

Sir Sandy will stand down on December 31 this year but will remain with the business until April 2010 to “ensure a smooth transition”.

This appointment follows an extensive worldwide search. Gerry Grimstone, Chairman of the Company, led the search, establishing an Appointments Committee consisting of the Company’s non-executive directors. The FSA has approved this appointment.

Gerry Grimstone, Chairman of Standard Life commented:

“I am delighted to announce that David Nish will succeed Sir Sandy as Group Chief Executive of our business. David has a proven track record in our business, and has played a pivotal role in the delivery of our strategy since he joined the company. His unrivalled understanding of our business, his leadership capabilities and strategic vision make him the ideal candidate to lead Standard Life into the next phase of its development.”

Sir Sandy Crombie, Group Chief Executive, commented:

“Since he joined us in 2006, David has made an outstanding contribution to Standard Life and I am delighted for him that he has been selected to lead this business. I will continue to work with David and the executive team to deliver against our strategy in the next few months, ensuring the business is in the best of shape when he assumes his new role in January.”

David Nish, Group Chief Executive designate, commented:

“I am immensely proud of what our organisation has achieved over the past few years and I am excited to be given the opportunity to lead Standard Life. We have built a strong, resilient and successful business. In these challenging markets, it is vital that we maintain the momentum we have built and I am very much looking forward to taking over from Sir Sandy to lead the company to what I hope will be even greater future success.”

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