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.

ebooksAn unforgettable anthology of contemporary reportage
Bourgogne wine maker Laboure-Roi vice president Thibault Garin (L) offers the company's 2013 Beaujolais Nouveau wine to the guest in the wine spa at the Hakone Yunessun spa resort facilities in Hakone town, Kanagawa prefecture, some 100-kilometre west of Tokyo
Oscar Pistorius is led out of court in Pretoria. Pistorius received a five-year prison sentence for culpable homicide by judge Thokozile Masipais for the killing of his girlfriend Reeva Steenkamp
voicesThokozile Masipa simply had no choice but to jail the athlete
Arts and Entertainment
James Blunt's debut album Back to Bedlam shot him to fame in 2004

Singer says the track was 'force-fed down people's throats'

Life and Style
The Tinder app has around 10 million users worldwide

techThe original free dating app will remain the same, developers say

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

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

iJobs Job Widget
iJobs Money & Business

Helpdesk Analyst

£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...

Senior Helpdesk Analyst / Service Desk Co-ordinator

£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...

Senior Pensions Administrator

£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...

Corporate Actions Administrator / Operations Administrator

£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...

Day In a Page

Two super-sized ships have cruised into British waters, but how big can these behemoths get?

Super-sized ships: How big can they get?

Two of the largest vessels in the world cruised into UK waters last week
British doctors on brink of 'cure' for paralysis with spinal cord treatment

British doctors on brink of cure for paralysis

Sufferers can now be offered the possibility of cure thanks to a revolutionary implant of regenerative cells
Let's talk about loss

We need to talk about loss

Secrecy and silence surround stillbirth
Will there be an all-female mission to Mars?

Will there be an all-female mission to Mars?

Women may be better suited to space travel than men are
Oscar Pistorius sentencing: The athlete's wealth and notoriety have provoked a long overdue debate on South African prisons

'They poured water on, then electrified me...'

If Oscar Pistorius is sent to jail, his experience will not be that of other inmates
James Wharton: The former Guard now fighting discrimination against gay soldiers

The former Guard now fighting discrimination against gay soldiers

Life after the Army has brought new battles for the LGBT activist James Wharton
Ebola in the US: Panic over the virus threatens to infect President Obama's midterms

Panic over Ebola threatens to infect the midterms

Just one person has died, yet November's elections may be affected by what Republicans call 'Obama's Katrina', says Rupert Cornwell
Premier League coaches join the RSC to swap the tricks of their trades

Darling, you were fabulous! But offside...

Premier League coaches are joining the RSC to learn acting skills, and in turn they will teach its actors to play football. Nick Clark finds out why
How to dress with authority: Kirsty Wark and Camila Batmanghelidjh discuss the changing role of fashion in women's workwear

How to dress with authority

Kirsty Wark and Camila Batmanghelidjh discuss the changing role of fashion in women's workwear
New book on Joy Division's Ian Curtis sheds new light on the life of the late singer

New book on Ian Curtis sheds fresh light on the life of the late singer

'Joy Division were making art... Ian was for real' says author Jon Savage
Sean Harris: A rare interview with British acting's secret weapon

Sean Harris: A rare interview with British acting's secret weapon

The Bafta-winner talks Hollywood, being branded a psycho, and how Barbra Streisand is his true inspiration
Tim Minchin, interview: The musician, comedian and world's favourite ginger is on scorching form

Tim Minchin interview

For a no-holds-barred comedian who is scathing about woolly thinking and oppressive religiosity, he is surprisingly gentle in person
Boris Johnson's boozing won't win the puritan vote

Boris's boozing won't win the puritan vote

Many of us Brits still disapprove of conspicuous consumption – it's the way we were raised, says DJ Taylor
Ash frontman Tim Wheeler reveals how he came to terms with his father's dementia

Tim Wheeler: Alzheimer's, memories and my dad

Wheeler's dad suffered from Alzheimer's for three years. When he died, there was only one way the Ash frontman knew how to respond: with a heartfelt solo album