Hugh Stevenson, 64, is to retire from his role as Standard Life Investments chairman at the end of the company's annual general meeting in May.
He will also step down from his role as senior independent director of the Edinburgh-based Standard Life, having been appointed as a director in June 1999.
Mr Stevenson is to be replaced as chairman of SLI by current director and vice-chairman Colin Buchan.
Gerry Grimstone, chairman of Standard Life, said: "I am delighted that Colin Buchan has been appointed to the board. He has been a very successful vice-chairman of Standard Life Investments and will bring extensive experience to our deliberations.
"We will miss Hugh Stevenson greatly when he retires in May. He has been a great source of wisdom and authority, and has made a very significant contribution to Standard Life over the years."
He has been chairman of Standard Life Investments - which has around 140 billion of assets under management - since 2004 and has served as senior independent director since 2003.
As well as his role at Standard Life, Mr Buchan is a non-executive director of Royal Bank of Scotland.
He is also a director of Merrill Lynch World Mining Trust, Merrill Lynch Gold, World Mining Investment Company and the Royal Scottish National Orchestra Society.