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Key change at insurer

O’Dwyer to replace Matthews at Standard Life

Standard LifeStandard Life has announced a key boardroom change.

Paul Matthews, CEO UK & Europe Pensions and Savings, will stand down as an executive director and retire in August.

He will be replaced by Barry O’Dwyer, currently CEO Standard Life Assurance. Mr O’Dwyer’s basic salary will be £525,000.

Mr Matthews joined Standard Life in 1989 and, following senior roles in distribution and relationship management, was appointed UK Chief Executive Officer in 2011 and UK & Europe Chief Executive Officer in 2012. 

He was appointed to the board of Standard Life Assurance in 2007 and the board of the company on 1 November 2015.

Mr O’Dwyer joined Standard Life in 1988 and between then and 2008 held various marketing, product development and actuarial roles.  From 2008-2013 he held senior roles with HBOS and Prudential, including as Prudential’s deputy chief executive, UK & Europe. 

He rejoined Standard Life in 2013 as managing director of workplace and corporate pensions, and was appointed CEO, Life Assurance in 2016.  He was appointed to the board of Standard Life Assurance on 1 September 2016.

As well as replacing Mr Matthews on the board, he will also assume his responsibilities for the pension & savings business.

Sir Gerry Grimstone, chairman of the company, said: “My thanks go to Paul for his service over the past 28 years.

“His dedication and commitment to Standard Life during that time is unparalleled and we owe him a tremendous debt of gratitude. We will miss him. 

“I would like to welcome Barry to the board. His extensive knowledge of the savings market will provide valuable insight to inform our thinking and ensure customer and client interests remain at the centre of our decision making.”

Following these changes, the company’s board will comprise the chairman, four executive directors and seven non-executive directors.  The board will be made up of three women and nine men. 

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