David Nish will succeed Sir Sandy Crombie as Standard Life CEO.

After an extensive search, Standard Life has announced that David Nish will replace outgoing Chief Executive Sir Sandy Crombie, with effect from 1 January 2010.

After a seven-month worldwide search for a successor to Sir Sandy, the announcement came today (19 October) after receiving FSA approval, that current Group Financial Director, David Nish will replace him.

However, to ensure a smooth transition, Sir Sandy will remain with the business until April 2010. Having been at the Scottish-headquartered asset management business for over 40 years, Sir Sandy will take with him an abundance of experience at the helm. 

Gerry Grimstone, Chairman of Standard Life, led the search for the new CEO. He said he was delighted with the appointment: “David has a proven track record in our business, and has played a pivotal role in the delivery of our strategy since he joined the company.

“His unrivalled understanding of our business, his leadership capabilities and strategic vision make him the ideal candidate to lead Standard Life into the next phase of its development.”

Commenting on his new role, Mr Nish said: “I am immensely proud of what our organisation has achieved over the past few years and I am excited to be given the opportunity to lead Standard Life. We have built a strong, resilient and successful business.

“In these challenging markets, it is vital that we maintain the momentum we have built and I am very much looking forward to taking over from Sir Sandy to lead the company to what I hope will be even greater future success.”

According to the statement announcing the appointment, Nish’s basic salary will be £700,000.