David Nish is to step down as chief executive of Standard Life in August after six years, Sir Gerry Grimstone has said.
The Standard Life chairman added: “He has shown great leadership over the last six years and the outstanding progress we have made in that time has been achieved through his incredible drive and determination.”
Mr Nish joined the Edinburgh-based firm in 2006 as group finance director and became chief executive in 2009. It is not yet known where he is going.
According to the latest report and accounts for 2014, Mr Nish received a 30 per cent pay rise to £5.5m, which included his basic salary, annual bonus, long-term incentive awards and other benefits.
He has been entitled to a yearly contribution into his pension of 30 per cent of his salary while he was chief executive. Based on his salary, these contributions come to almost £242,000, the report and accounts show.
When Mr Nish became chief executive in 2009, Standard Life Group’s assets under administration stood at £177.6bn, an increase of 13 per cent from the previous year, according to its annual report. Post-tax IFRS profit was £213m.
The latest AUM, for 2014 published recently, stands at £296.6bn, an increase of 38 per cent on the previous year. Post-tax IFRS profit was £503m.
This included the sale of its Canadian business for £2.2bn, which realised a value of 73p per share for investors.
The current chief executive of its investment arm, Keith Skeoch, is set to become Standard Life’s new chief executive.
Last year Mr Skeoch banked £5.27m, up 21 per cent on 2013.
Adviser View
David Penny, director of Somerset-based Invest Southwest, said: “Standard Life has a good online platform and bespoke wrap for financial advisers, but during these times of change, firms will want to deal direct with consumers.”
