Standard Life Appoints New Finance Director Amid Demutualization Plans

Strategic Insights -

Standard Life, the UK-based life assurer, has announced the appointment of a new finance director, with John Hylands taking on a new role amidst plans to demutualize the company. Hylands, who has been finance director since 2001, will lead the demutualization project, while a search for his successor is conducted by international headhunters Heidrick and Struggles. Standard Life has also brought in Merrill Lynch to work alongside UBS as its advisers, and will continue to take advice on matters outside the demutualization from Lazard.

Key Takeaways:

  • Standard Life has appointed John Hylands to lead the demutualization project, while a search for his successor is conducted by Heidrick and Struggles.
  • Hylands will combine his new role with that of finance director, and will be responsible for guiding the company through the demutualization process.
  • Standard Life has brought in Merrill Lynch to work alongside UBS as its advisers, and will continue to take advice on matters outside the demutualization from Lazard.
  • The company has announced plans to come to the market with a market value of £4bn to £5bn through a scheme of demutualization.
  • The search for a new group finance director will be conducted by Heidrick and Struggles, and is expected to be completed in time for the annual meeting in 2006.
  • Iain Lumsden's unexpected departure as chief executive in January was due to a wrangle between Standard Life and the Financial Services Authority over solvency measurement.
  • Standard Life has sold £7.5bn of equities and announced plans to abandon its mutual status and seek a flotation to raise more capital.

Statistics:

  • £4bn to £5bn: Expected market value of Standard Life company through a scheme of demutualization.
  • £7.5bn: Amount of equities sold by Standard Life following a dispute with the Financial Services Authority over solvency measurement.
  • 2006: Expected year for the annual meeting where the proposal for the scheme of demutualization will be put to members.
  • 2001: Year John Hylands became finance director of Standard Life.

Sources:

  • "Standard Life seeks new finance chief as it demutualises" by lca @lombardstandard.co.uk with a link to the original article "City Pulse"