London, Jan 14: Standard Life said on Tuesday that its long-standing chief executive would step down. Europe’s largest mutual insurer also announced that it may seek a stock market listing to raise money as it tries to satisfy new, tough UK solvency rules. The possibility of a flotation represents a stark volte face for Standard Life. The company has held mutual status — is owned by the policyholders — since 1825 and has vigorously fought off campaigns to shed it in the past.
Outgoing CEO Iain Lumsden has been with the company for 36 years. He’s a staunch champion of the company’s mutual status. will be replaced by Sandy He will be replaced by Crombie, currently chief executive of Standard Life Investments. The Edinburgh-based group is launching a strategic review, which it hopes to complete by the summer after concluding talks with Britain’s Financial Services Authority over how to meet the new solvency requirements being implemented by the watchdog later this year. Bureau Report