Tributes as ex-Standard Life boss loses cancer fight

Published on Friday 24 August 2007 14:02

TRIBUTES were today paid to the former group managing director of Standard Life, Scott Bell, who has died.

It is understood that the 65-year-old passed away following a lengthy battle against cancer.

He is recognised as a key figure in helping the Edinburgh-based company become the giant in the insurance industry that it is today during his 14 years at the helm.

During his tenure, between May 1988 and March 2002, Mr Bell stood out against "market value reductions", or cuts to policy values, as shares fell and insiders have said he always had a strong desire to "retire on a high".

And he is also recognised as a "lifer" - a rare breed that devotes their entire career to one company. He worked with Standard Life for 43 years.

He also fought against demutualisation in 2001 from carpetbagger Fred Woolard, a Monaco-based businessman, who based his campaign on the suggestion that a flotation would deliver average pay-outs of 6000 to policyholders.

Scott White, a spokesman for Standard Life, said: "Standard Life is saddened to hear this news.

"He will be remembered by many as one of the key figures in our history, whose vision and leadership helped transform Standard Life into the Company we know today."

Mr Bell joined Standard Life in 1958, was promoted to general manager of finance in 1979 and group managing director in 1988.