RBS takes 'major step' with Sir Sandy

Published on Friday 22 May 2009 09:57

ROYAL Bank of Scotland today confirmed that Standard Life boss Sir Sandy Crombie will join its board, in a move that it said was a "major step" in its restructuring.

Sir Sandy, who is set to retire from the Edinburgh-based insurer at some point this year, has been appointed as senior independent director of the part-nationalised RBS.

The post, which he will take up in June, will allow him to be an independent voice for investors on the restructured RBS board.

Sir Philip Hampton, recently-appointed chairman of RBS, said: "Sandy has a deep understanding of insurance and financial services, having held a number of senior executive positions during his career at Standard Life.

"We are also fortunate that he will bring to the role his extensive experience of, and engagement with, institutional shareholders, government and regulators.

"Sandy Crombie's appointment is a further major step in the restructuring of our board as we implement our strategic plan to return to standalone financial strength."

Sir Sandy started out as a trainee actuary at Standard Life in 1966, and held a number of posts throughout the next three decades until his appointment as chief executive of Standard Life Investments in 1998.

In 2002, he became deputy group chief executive and was appointed group chief executive in 2004.

He also sits on the Chancellor's insurance industry working group. He received a knighthood for services to the insurance industry in Scotland this year.