Standard Life Aberdeen chairman Gerry Grimstone has announced he will step down from his position at the company in 2019.
The Standard Life veteran Grimstone (pictured) has been with the company for 11 years and was widely regarded as being instrumental in last year’s merger with Aberdeen.
The news was revealed in Standard Life Aberdeen's full-year results, in which it surprised the market with news of the sale of its insurance business to Phoenix in a £3.2 billion deal.
Grimstone will leave his role as chairman by the end of 2019, with the hunt for the successor set to start.
‘It has been my privilege to serve as chairman for 11 years and I will continue to do so until my successor is in place. The announcement that we have made today, if approved by shareholders, marks the completion of the transformation of the company from Europe's largest mutual life assurance company to a global investment powerhouse,’ Grimstone said.
‘This has been a period of enormous change for the company, and serving the board through this has been both challenging and rewarding. It has been extremely satisfying to have played my part in all that we have achieved.’
As well as Grimstone’s departure, Standard Life Aberdeen directors Julie Chakraverty, Lynne Peacock and Akira Suzuki will also retire from the company at the conclusion of its next annual general meeting.