Scott Bell, the group managing director of Standard Life, is to step down next March in favour of Iain Lumsden.
Jim Stretton, the chief executive of UK operations is also retiring in December. Sandy Crombie will become deputy group chief executive with effect from next March.
The giant Scottish mutual says it will maintain its commitment to mutuality.
Standard Life chairman John Trott says: "Scott Bell and Jim Stretton have made immense contributions to Standard Lifes success and development."