Standard Life, part of Phoenix Group, is moving to a flatter leadership structure that will see its retirement solutions and asset management divisions coming together to create a new business unit. The move comes as chief executive officer Andy Curran announces his retirement after 35 years with the company.
Curran has decided to retire in the summer of 2025 after a “transformative five-year tenure in which the business has become a key driver of the group’s organic growth’, according to a statement.
In 2020, Curran set out a growth strategy for Standard Life that focused initially on the workplace and bulk purchase annuity markets, where the company has now become a leading player, as he played a pivotal role in the business hitting its £1.5bn new business long-term cash target two years ahead of schedule in 2023.
Following Curran’s retirement, the new business unit will be led by Phoenix Group’s chief investment officer Mike Eakins.
“This structure will create many opportunities for Phoenix Group to deliver real benefits from bringing the capital intensive elements of its business into one place and develop retirement propositions together,” the firm said.
Tom Ground, CEO for retirement solutions, will report to Eakins and remain a member of the executive committee.
Leadership consistency will be retained in the Standard Life business with Colin Williams, Tom Ground and Nigel Dunne remaining in their roles, as well as Mark Screeton continuing as SunLife CEO.
Curran said: “I have seen many changes first-hand since I joined this sector 35 years ago and the industry’s role in society continues to be more important than ever.”
He added: “It has been a privilege to lead the team at Standard Life and be part of Phoenix Group since 2020. It has been a great company to work at over the past five years and with the leadership team in place I know it has a fantastic future ahead of it.”
Andy Briggs, Phoenix Group CEO, said: “It has been an absolute pleasure to work so closely with Andy, in particular in his role as CEO of Standard Life. He has been inspirational in transforming and turning around the business and he has been a tireless champion of customer interests.”
Briggs added that Standard Life is committed to delivering “exceptional outcomes for customers, clients, and shareholders”, as part of Phoenix Group’s wider strategy.
“The future is exciting for Standard Life and we look forward to harvesting the benefits of the strategy that the team have put in place under Andy’s leadership. I wish him well in his retirement,” Briggs said.
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