Standard life chairman Sir Brian Stewart will step down from the Board in May this year and will be succeeded by deputy chairman Gerry Grimstone.
In addition, former group finance director John Hylands has announced he is leaving the company to pursue other opportunities.
Hylands led the project to demutualise the life office which was completed in July 2006 but remained with the company post-demutualisation to complete related activities.
He will be leaving on March 31 2007.
Baroness McDonagh has been appointed as a non-executive director with effect from March 1 2007 and non-executive director Alison Mitchell will retire from the Board in May.
Sir Brian Stewart says: “I am delighted that Gerry has been appointed to succeed me as Chairman of the Board. In the past three years, I have appreciated his support and clear thinking and his contribution to the Board’s discussions. I look forward to seeing him lead the Board into the next phase of the Company’s growth and development.
“John in turn has made a huge contribution to Standard Life in his 27 years of service and played a key role in the successful demutualisation and flotation of the business in July 2006. He leaves the Company with our thanks and our very good wishes for his future career.”
Grimstone says: “I am honoured to have been appointed Chairman of Standard Life. I look forward to working with the Board and everyone involved with the Group to build on the great strengths already in place.”