BusinessCorporate FinanceStandard Life CEO, FD sacrifice bonuses

Standard Life CEO, FD sacrifice bonuses

Standard Life chief executive and finance director have given up in excess of £500,000 in bonuses and cash payments from incentive plans to pacify policyholders who have faced diminishing returns on their savings.

Link: Standard Life reports quarterly results

Chief executive Sandy Crombie, who took up his post a year ago, waived both his annual bonus and cash payment from the company’s long-term incentive plan, while John Hylands, group finance director, will give up his cash payment from the incentive plan. Hylands will retain his annual bonus, though.

Hylands, who is in charge of the insurer’s demutualisation project, is to be replaced by a new finance director with public company experience ahead of the planned flotation on the London Stock Exchange next year. Crombie hopes to have someone in place by July this year, the insurer said.

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