Standard Life CEO Andy Curran will retire this summer after five years in the role.
Standard Life, part of Phoenix Group, confirmed that the company would move to a “flatter” leadership structure following Curran’s departure, which will see the retirement solutions and asset management divisions coming together. This new until will be led by Phoenix Group CIO Mike Eakins.
Curran has worked in the retirement and savings sector for 35 years. He took over the CEO role at Standard Life with a remit to grow the business after several years of sluggish growth and returns.
Curran initially focused on the Workplace and Bulk Purchase Annuity markets, and has helped Standard Life achieve its £1.5bn new business long-term cash target two years ahead of schedule in 2023.
Phoenix said the new structure is aimed at delivering benefits across the group by bringing capital intensive elements of its business into one place and develop retirement propositions together. As part of this reorganisation Tom Ground, CEO retirement solutions will report into Eakins and remain a member of the executive committee.
Colin Williams, Tom Ground and Nigel Dunne will remain in their leadership roles in Standard LIfe, with Mark Screeton continuing as SunLife CEO.
Announcing his retirement Curran says: “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.
“Our research shows that 17m people are expecting an income below the PLSA’s minimum retirement living standard or are not on track to achieve it. By the early 2040s, three in five people will be entering retirement with inadequate savings. Urgent action is needed to reverse this.
“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.”
Andy Briggs, Phoenix Group CEO, said that Curran had been “inspirational” in transforming and turning around the business, and described him as a tireless champion of customer interests.