23rd May 2014 07:08
LONDON (Alliance News) - Standard Life PLC Friday said it has appointed a new chief financial officer, more than a year after Jackie Hunt resigned to join rival Prudential PLC.
In a statement, the FTSE 100 long-term savings and investments provider said it has appointed Luke Savage, who has been the director of finance and operations at insurance market Lloyd's of London since 2004, to take on the role. He will join Standard Life on August 18.
Savage was responsible for preparing the Lloyd's market for Solvency II, a package of measures designed to harmonise insurance rules across the EU.
Prior to his time at Lloyd's, Savage spent four years as the chief financial officer for Deutsche Bank AG's equities business, and 10 years with Morgan Stanley in various financial controller roles.
Savage's predecessor, Jackie Hunt, resigned on April 26, 2013 to become the chief executive of Prudential UK & Europe.
In March, Standard Life beefed up its investments arm with the acquisition of Ignis Asset Management Ltd from Phoenix Group Holdings PLC in a GBP390.0 million cash deal.
Standard Life Chief Executive David Nish praised Savage for his insurance and investment markets experience.
"He is joining the group at a time of significant opportunity with unprecedented change across the markets in which we operate. We are trading strongly and have significant opportunities to grow further, including the acquisition of Ignis. Luke's proven track record as a highly commercial chief financial officer will support the delivery of our strategy," Nish said in a statement.
Savage will be paid a GBP600,000 a year basic salary. On top of that, the new CFO will be able to earn up to 1.5 times as a short-term bonus, though the target level has been set at 65% of his basic salary. In addition, Savage will be able to earn up to 1.25 times his basic salary under a long-term incentive plan, with the target level set at 62.5%. Bonuses will be subject to clawback.
Standard Life said it will compensate Savage for any short-term bonus for 2014 that he has given up as a result of leaving Lloyd's. In addition, any long-term awards will be replaced on a like-for-like basis.
Standard Life said its regulators, the Financial Conduct Authority and the Prudential Regulation Authority, have approved Savage's appointment.
Standard Life shares are quoted up 0.7% at 395.79 pence early Friday.
By Samuel Agini; [email protected]; @samuelagini
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