In a stockmarket alert this morning, chairman Gerry Grimstone says: “Sir Sandy Crombie and the board have agreed that the process of identifying his successor should commence in 2009. There is no fixed timetable and we do not envisage making any further statements about this matter until a successor is confirmed and a timetable for transition is set.”
Crombie will remain group chief executive until his successor has been appointed and a handover process has been completed.
The 60-year-old was knighted in the New Year Honours List for “services to the insurance industry in Scotland”. He has been with Standard Life for 42 years, taking on the role of chief executive in January 2004.