Standard Life today said Nathan Parnaby, chief executive of its Asia and emerging markets business, is to leave following a shake-up of the division.
Parnaby, who has been with the Edinburgh-based life and pensions group for 30 years, had decided to retire “to seek new opportunities” and will be replaced by Alan Armitage, who is currently take-to-market director for Asia and emerging markets.
Sandy Begbie, Standard Life’s group operations officer, will assume executive responsibility for the division.
The Edinburgh-based group said some key functions at its Asia and emerging markets business will be moved to a regional hub in Hong Kong to help expand its presence in retail savings and investments.
In addition, the team supporting its joint ventures in Asia will move to sit within its central strategy team, while its Irish offshore business will now fall under its UK and European division.
A spokeswoman for the group said: “During the past year, Standard Life has made good progress within its Asia and emerging markets business, including new branches opening for business in Singapore and Dubai and increasing our market shares in India and China.
“Our priority is to make sure we are set up to capitalise on the opportunities available.”