The Edinburgh-based insurer, owned by Lloyds Banking Group, said Antonio Lorenzo will become interim group director of its insurance division and chief executive of Scottish Widows.
Lorenzo will remain as the group executive committee member accountable for the consumer finance division and group corporate development, as well as leading insurance on an interim basis.
Lloyds chief executive António Horta-Osório said: “Antonio has played a key role in building the consumer finance division into a core growth area for the business.
“We see similar growth opportunities for the insurance division with a particular focus on building our digital propositions as well as continuing the integration of our insurance services with the group for the benefit of our customers.”
He added: “During the last four years, Toby has helped to re-establish the Scottish Widows brand and deepened the insurance division’s relationship with the group.
“The next stage of our strategy involves a sustained investment over the next few years. Toby has reached the stage in his career where he feels unable to fully commit to that period of time. I would like to thank him for his hard work and dedication and we wish him well for the future.”
Strauss, who will remain with Scottish Widows over the coming weeks to hand over to Lorenzo, said: “I have been privileged to lead the business through this period and to have contributed to the broader group agenda.
“I feel however that now is the time to move on to other challenges as the insurance division enters the next stage of its strategic growth.”