Standard stays silent over reasons for Gerry O'Neill exit

MYSTERY yesterday surrounded the departure from Standard Life of business executive Gerry O'Neill "to pursue other interests".

It followed an announcement by the Edinburgh group on 16 May that O'Neill, MD of the group's UK corporate business, and the head of corporate sales, James Verner, had been suspended pending an investigation.

A brief company statement yesterday said: "The recent internal investigation concerning Gerry has now reached a conclusion and Standard Life has decided that no further action will be taken." It is understood the investigation into Verner is continuing.

The two executives joined Standard Life after the insurer's 24 million acquisition of employee benefits management company Vebnet in September 2008. O'Neill was chief executive of Vebnet.

Standard added: "As recently announced, our corporate business will continue under the leadership of Stephen Ingledew." It said there would be no impact on operations as a result of the changes.