Standard Life names new finance chief

Life and pensions firms Standard Life has ended its year-long search for a chief financial officer with the appointment of Lloyd’s of London veteran Luke Savage.

The Edinburgh-based group said Savage, who has been director of finance and operations at the Lloyd’s insurance market since 2004, will take up his new role on 18 August.

His appointment follows a “global search”, Standard Life said. Previous finance chief Jackie Hunt quit in April last year to become chief executive for the UK and Europe at rival Prudential.

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Standard Life chief executive David Nish said: “Luke’s proven track record as a highly commercial chief financial officer will support the delivery of our strategy.”

Savage will receive a basic salary of £600,000 a year, with the potential for up to £900,000 extra under the group’s short-term incentive plan.