Standard Life chief executive David Nish is stepping down from the role after six years at the helm.
Standard Life Investments chief executive Keith Skeoch will succeed Nish as chief executive when he leaves in August.
Skeoch will continue to head up SLI in order to oversee the transition to whoever succeeds him.
Nish has spent nine years as a director of Standard Life.
In a statement, the company says following the acquisition of Ignis Asset Management and the sale of its Canadian companies, Nish has been in talks with the board around succession planning.
Standard Life chairman Sir Gerry Grimstone says: “David has shown great leadership over the last six years and the outstanding progress we have made in that time has been achieved through his incredible drive and determination.
“He has changed the shape of Standard Life allowing us to successfully grow globally through world class investment management and distribution businesses.
“I am very pleased that Keith Skeoch is to become our new chief executive. He’s been an integral member of Standard Life’s senior team over the last 11 years.
“He has an exceptional understanding of world markets and the opportunities they offer, and has the right talent and experience to continue to deliver our strategy and take Standard Life on the next stage of our journey.”
Nish says: “One of the most important responsibilities of a chief executive is recognising both the right time to pass the baton and also to help ensure it is passed on to the right person. Now is the right time for both the group and myself. It has been an absolute privilege to lead Standard Life for the last six years and to help build our business into the strong global player it is today.
“For me it will be a time of mixed emotions as I prepare for a new future, however I know that Standard Life is in good hands.”
Skeoch says: “I am delighted to have the opportunity to lead Standard Life. It’s a great honour to have the responsibility for the next phase of our growth and I’m excited by the challenge.”