Standard Life group finance director John Hylands has been shifted sideways taking the reigns of the insurer's demutualisation project.
Hylands is to continue as an executive director and will maintain his responsibilities as finance director until a permanent replacement is found.
Standard has also announced its team of advisers to help the company through the demutualisation process. Merrill Lynch and UBS are to act as financial advisers, Watson Wyatt will provide actuarial advice, PricewaterhouseCoopers will act as reporting accounts while City law firm Slaughter & May and Scotland-based Dundas & Wilson will give legal advice.
Standard chief executive Sandy Crombie says: “We are fortunate to have someone of John Hylands' capabilities and experience to lead this very important demutualisation project. We have now begun a search for a new group finance director with the very different skills and experience we will need in that role as a public company. This person will strengthen further the team which will lead Standard into a new era.”