Buchan to stand down as chair of Standard Life Investments

Colin Buchan, current chairman of Standard Life Investments, will step down from his role and will be replaced by non-executive director John Paynter from 1 January 2012.

Mr Paynter, who takes his place as chairman of Standard Life Investments after serving as its non-executive director since December 2010, will also step in to the role of non-executive director for parent company Standard Life Plc.

Mr Buchan has been chairman of Standard Life Investments since May 2008 and has served as director since January 2002. He will remain as a director of Standard Life Plc and will continue to chair its Investment Committee.

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After the changes, the Standard Life board will consist of three executive directors and nine non-executive directors, including the chairman.

Gerry Grimstone, chairman of Standard Life, said: “I am very pleased that John Paynter has agreed to join our board. His broad experience of financial services and other high-performing boards will be of great benefit to us.”