1st Mar 2007 07:03
Standard Life plc01 March 2007 Standard Life plc Board changes The Board of Standard Life announces the following Board changes. Gerry Grimstone has been appointed as Chairman-elect. He will succeed Sir BrianStewart who will step down as Chairman and retire from the Board at theconclusion of the Company's Annual General Meeting on 29th May 2007. Gerry Grimstone, currently Deputy Chairman, has served as a Standard Lifedirector since July 2003. His appointment follows an extensive recruitmentsearch, led by the Senior Independent Director, Hugh Stevenson, and theNomination & Governance Committee, who were advised by external consultants. Inthe course of this they interviewed and considered both internal and externalcandidates prior to recommending Gerry Grimstone's appointment to the Board. It is also announced that Baroness McDonagh has been appointed as anon-executive director, with effect from 1st March 2007. From 1998 to 2001,Margaret McDonagh was both the first woman and the youngest General Secretary ofthe Labour Party. After 15 years with the Labour Party, she became generalmanager of Express Newspapers, and now works as a business consultant. She wasappointed a Life Peer in July 2004, and she has, since August 2004, been anon-executive director of TBI plc. In addition, John Hylands will step down from the Board on 31st March 2007,after five years as an executive director. John headed Standard Life's UKMarketing Division from 1994 until 2001 and was Group Finance Director from 2001until 2005. In 2004 he was appointed by the Board to lead the project todemutualise the Company, a project which came to a successful conclusion in July2006, with the flotation of Standard Life plc on the London Stock Exchange. John remained with the Company after demutualisation to complete relatedactivities and ensure a smooth handover. He now leaves Standard Life to pursueother opportunities. In a further change, it is also announced that Alison Mitchell will retire fromthe Board at the conclusion of the forthcoming Annual General Meeting, and willnot stand for re-election. She has served as a non-executive director sinceDecember 2000. Sir Brian Stewart said: "I am delighted that Gerry has been appointed tosucceed me as Chairman of the Board. In the past three years, I haveappreciated his support and clear thinking and his contribution to the Board'sdiscussions. I look forward to seeing him lead the Board into the next phase ofthe Company's growth and development. I am also pleased to welcome Margaret tothe Board. Her experience in politics and business will be of great benefit tothe Board". "John in turn has made a huge contribution to Standard Life in his 27 years ofservice and played a key role in the successful demutualisation and flotation ofthe business in July 2006. He leaves the Company with our thanks and our verygood wishes for his future career". "I would also like to thank Alison for her significant contribution to StandardLife. She has been a key player in shaping the Board's communications withmembers during the demutualisation and flotation process, and played aninstrumental part in ensuring the effectiveness of the Member's Roadshows in theperiod following the strategic review and in the run up to demutualisation". Gerry Grimstone added: "I am honoured to have been appointed Chairman ofStandard Life. I look forward to working with the Board and everyone involvedwith the Group to build on the great strengths already in place". Following these changes, the Board of Standard Life plc will comprise fourexecutive directors and seven non-executive directors, including the Chairman.No other information is required to be disclosed pursuant to paragraph LR9.6.13R of the Listing Rules of the Financial Services Authority in relation tothese appointments. Enquiries: Standard Life plc Scott White, Press Office 0131 245 5422Gordon Aitken, Investor Relations, 0131 245 6799Kenneth Gilmour, Group Secretariat. 0131 245 0751 END Notes to editors Gerry Grimstone: Biographical notes: Education: Gerry Grimstone holds a MA and MSc in chemistry from Merton College, Oxford andspent a NATO-CCMS Fellowship at Wolfson College, Oxford. Professional experience: Gerry Grimstone held senior positions with the Department of Health and SocialSecurity and HM Treasury until 1986. He then spent 13 years with Schroders inLondon, Hong Kong and New York prior to becoming Vice Chairman of Schroders'worldwide investment banking activities. Other directorships: Candover Investments plc (Chairman) Dairy Crest Group plc (Senior Independent Director and Chairman of theRemuneration Committee) F&C Global Smaller Companies plc (Chairman) RAF Strike Command Board (Chairman of RAF Joint Audit Committee) He has confirmed his intention to reduce his external commitments during 2007. Contractual arrangements and interests in shares Gerry Grimstone will take up the position of Chairman at the conclusion of theAnnual General Meeting on 29th May 2007. As Non-Executive Director, DeputyChairman and chairman of the Remuneration Committee, he currently receives anannual fee of £95,000. On becoming Chairman, Gerry Grimstone will receive an annual fee of £275,000.He will chair the Nomination & Governance Committee and the CorporateResponsibility Committee. His letter of appointment provides for a notice period of six months. Gerry Grimstone is not eligible to participate in the Group's bonus and longterm incentive schemes, nor will he participate in the Group's pension schemesor receive any other benefits from the Company. Gerry Grimstone has a beneficial interest in 62,295 Standard Life plc ordinaryShares. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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