Gerry O’Neill has left Standard Life to pursue “other interests” following his suspension last month.
The insurer has dropped its internal investigation against the former director of corporate solutions. O’Neill was previously chief executive of Vebnet, the employee benefits firm bought by Standard for £24m in October 2008.
However, the firm’s investigation into Vebnet sales director James Verner remains open.
In a statement, Standard Life says: “Gerry O’Neill has decided to leave Standard Life to pursue other interests.
“The recent internal investigation concerning Gerry has now reached a conclusion and Standard Life has decided that no further action will be taken.”