Paul Matthews will retire as CEO of U.K. and Europe at Standard Life, a spokesman said.
Mr. Matthews’ responsibilities, which included overseeing the pensions and savings unit, will be taken on by Barry O’Dwyer, effective March 1. Mr. O’Dwyer is CEO of subsidiary Standard Life Assurance. He will also be appointed to the board as an executive director, a news release said.
The pensions and savings unit provides workplace defined contribution plans. It had £34 billion ($46 billion) in assets under administration as of June 30.
Mr. Matthews will stay at the company until Aug. 31 to help with the transition.
“(Mr. O'Dwyer’s) extensive knowledge of the savings market will provide valuable insight to inform our thinking and ensure customer and client interests remain at the center of our decision-making,” said Sir Gerry Grimstone, chairman, in the news release.