Standard Life finance chief is made new CEO

David Nish appointed after 'global search' by chairman Gerry Grimstone

Standard Life's six-month search for a chief executive came to an end yesterday as the company said it would promote its finance director, David Nish, into the role.

Mr Nish, the favourite internal candidate, will replace the outgoing Sir Sandy Crombie, who is widely seen as having saved the group from disaster after taking control at a time when the Financial Serviecs Authority was concerned about its financial health.

While he is an internal candidate, the appointment of Mr Nish is still significant – hired from Scottish Power in 2006 after the company's stock market flotation, he is the first non-Standard Lifer to take the role in living memory. Previously the group had only appointed those who had been with it for decades.

Mr Nish beat off rival Keith Skeoch, who runs the key Standard Life Investments division, for the role, and one of his first tasks will be to ensure that he is able to forge a solid working relationship with the latter.

He will also be charged with developing strategy at the revitalised insurer, which some analysts believe could be eyeing acquisition targets. Mr Nish was one of the drivers of the possible bid for Resolution in a tussle with Pearl a couple of years ago, which Standard lost. That was probably a lucky escape for the company, evidenced by Pearl's struggles since the deal completed.

However, he is popular internally, and is seen as a good communicator with the media and the investment community as well as the company's customers.

Mr Nish said: "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."

Gerry Grimstone, the chairman, said: "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."

The shares ticked up 2.1p at 232.1p, suggesting that the City views the appointment favourably.

Mr Nish will assume the role on 1 January and will recieve a base salary of £700,000, which could be more than doubled with bonus payments linked to performance.

PROMOTED VIDEO
News
ebooksNow available in paperback
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Reach Volunteering: Trustee – PR& Marketing, Social Care, Commercial skills

Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...

Reach Volunteering: Charity Treasurer

Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...

SThree: Trainee Recruitment Consultant - Soho

£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...

Ampersand Consulting LLP: Markit EDM (CADIS) Developer

£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...

Day In a Page

In a world of Saudi bullying, right-wing Israeli ministers and the twilight of Obama, Iran is looking like a possible policeman of the Gulf

Iran is shifting from pariah to possible future policeman of the Gulf

Robert Fisk on our crisis with Iran
The young are the new poor: A third of young people pushed into poverty

The young are the new poor

Sharp increase in the number of under-25s living in poverty
Greens on the march: ‘We could be on the edge of something very big’

Greens on the march

‘We could be on the edge of something very big’
Revealed: the case against Bill Cosby - through the stories of his accusers

Revealed: the case against Bill Cosby

Through the stories of his accusers
Why are words like 'mongol' and 'mongoloid' still bandied about as insults?

The Meaning of Mongol

Why are the words 'mongol' and 'mongoloid' still bandied about as insults?
Mau Mau uprising: Kenyans still waiting for justice join class action over Britain's role in the emergency

Kenyans still waiting for justice over Mau Mau uprising

Thousands join class action over Britain's role in the emergency
Isis in Iraq: The trauma of the last six months has overwhelmed the remaining Christians in the country

The last Christians in Iraq

After 2,000 years, a community will try anything – including pretending to convert to Islam – to avoid losing everything, says Patrick Cockburn
Black Friday: Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Britain braced for Black Friday
Bill Cosby's persona goes from America's dad to date-rape drugs

From America's dad to date-rape drugs

Stories of Bill Cosby's alleged sexual assaults may have circulated widely in Hollywood, but they came as a shock to fans, says Rupert Cornwell
Clare Balding: 'Women's sport is kicking off at last'

Clare Balding: 'Women's sport is kicking off at last'

As fans flock to see England women's Wembley debut against Germany, the TV presenter on an exciting 'sea change'
Oh come, all ye multi-faithful: The Christmas jumper is in fashion, but should you wear your religion on your sleeve?

Oh come, all ye multi-faithful

The Christmas jumper is in fashion, but should you wear your religion on your sleeve?
Dr Charles Heatley: The GP off to do battle in the war against Ebola

The GP off to do battle in the war against Ebola

Dr Charles Heatley on joining the NHS volunteers' team bound for Sierra Leone
Flogging vlogging: First video bloggers conquered YouTube. Now they want us to buy their books

Flogging vlogging

First video bloggers conquered YouTube. Now they want us to buy their books
Saturday Night Live vs The Daily Show: US channels wage comedy star wars

Saturday Night Live vs The Daily Show

US channels wage comedy star wars
When is a wine made in Piedmont not a Piemonte wine? When EU rules make Italian vineyards invisible

When is a wine made in Piedmont not a Piemonte wine?

When EU rules make Italian vineyards invisible