UK – Scottish Widows’ chief executive Mike Ross is to be replaced next week by Archie Kane.

The pension and insurance company’s parent, banking group Lloyds TSB, said that Kane has been appointed group executive director of insurance and investments and chief executive of Scottish Widows from October 1.

The 57-year-old Ross, a 39-year veteran of Scottish Widows, will leave on September 30. Lloyds TSB bought Scottish Widows for 7.3 billion pounds (10.5 billion euros) in 2000.

“These changes are part of a restructuring of the executive team to support the strategy outlined by the group chief executive at the interim results,” the bank said.

A spokeswoman said there would be no direct impact on investment management arm Scottish Widows Investment Partnership and that Lloyds TSB remained committed to Scottish Widows “in its entirety”.

Lloyds TSB chief executive Eric Daniels said: “We have a clear five-year plan for Scottish Widows which Archie Kane has the wide financial services experience to implement - along with the excellent team that Mike Ross has built during his many years as chief executive of Scottish Widows.”

Kane, 51, was formerly group executive director of IT and operations.