LONDON May 23 Financial services group Standard
Life has recruited Luke Savage from Lloyd's of London as
its new chief financial officer, filling the space left by
Jackie Hunt a year ago.
Savage, 52, will join the Edinburgh-based company on August
18 and will earn up to 1.5 million pounds ($2.5 million) a year
in pay and bonuses in addition to a long-term incentive plan,
Standard Life said on Friday.
"He is joining the group at a time of significant
opportunity with unprecedented change across the markets in
which we operate," Chief Executive David Nish said.
The appointment follows a year-long search for a new finance
director that started when Jackie Hunt left to run rival
Prudential Plc's UK and European business.
Savage leaves the Lloyd's market after 10 years, having
joined in 2004 from Deutsche Bank.
He faces a busy schedule early on in his new post, with a
referendum on Scottish independence due in September threatening
to leave the group on the opposite side of an international
border from the bulk of its customers in England.
The UK pensions market is also undergoing significant
upheaval with a new system of automatic enrolment into company
schemes for employees creating vast pools of assets currently
being chased by Standard Life and its rivals.
"We view this as an excellent appointment for Standard Life
and will come as a real relief to its shareholders," said
insurance sector specialist Eamonn Flanagan at Shore Capital
Standard Life shares were trading 0.2 percent higher on
Friday morning, outperforming their FTSE 100 benchmark index
which was 0.2 percent down.
($1 = 0.5931 British Pounds)
(Reporting by Chris Vellacott; Editing by Pravin Char)