Edinburgh-based Standard Life plc said Paul Matthews, CEO UK & Europe Pensions and Savings will stand down as an executive director and Barry O’Dwyer, currently CEO Standard Life Assurance Limited, will be appointed to the board as an executive director, effective March 1, 2017.

Matthews will retire from Standard Life on August 31, 2017.

As well as replacing Matthews on the board, O’Dwyer will also assume Matthews’ responsibilities for the Standard Life pension and savings business.

O’Dwyer joined Standard Life in 1988 and between then and 2008 held various marketing, product development and actuarial roles.

From 2008 to 2013 he held senior roles with HBOS and Prudential, including the role as Prudential’s deputy chief executive, UK & Europe.

He rejoined Standard Life in 2013 as managing director of workplace and corporate pensions and was appointed CEO, Life Assurance in 2016.

He was appointed to the board of Standard Life Assurance Limited on September 1, 2016.

Matthews joined Standard Life in 1989 and, following senior roles in distribution and relationship management, was appointed UK CEO in 2011 and UK & Europe CEO in 2012.

Standard Life chairman Gerry Grimstone said: “My thanks go to Paul for his service over the past 28 years.

“His dedication and commitment to Standard Life during that time is unparalleled and we owe him a tremendous debt of gratitude. We will miss him.  

“I would like to welcome Barry to the board.

“His extensive knowledge of the savings market will provide valuable insight to inform our thinking and ensure customer and client interests remain at the centre of our decision making.”

Following these changes, the Standard Life board will comprise the chairman, four executive directors and seven non-executive directors and will be made up of three women and nine men.