Andy Curran, CEO of Standard Life, part of Phoenix Group, has “decided to retire in the summer of 2025 after a transformative five year tenure in which the business has become a key driver of the group’s organic growth”.
In a statement on 28 January, Phoenix Group said that in 2020, Curran set out a growth strategy for Standard Life which focused initially on the Workplace and Bulk Purchase Annuity markets, where the company has now become a leading player. He played a pivotal role in the business hitting its £1.5bn new business long-term cash target two years ahead of schedule in 2023; and he also focused on reinvigorating the historic brand and extending the range of retail savings products offered to customers.
Following his retirement, the company said it will move to a flatter leadership structure which will see the Retirement Solutions and Asset Management divisions coming together to create a new business unit. The new business unit will be led by Phoenix Group chief investment officer Mike Eakins.
This structure would create many opportunities for Phoenix Group to deliver real benefits from bringing the capital intensive elements of its business into one place and develop retirement propositions together. Tom Ground, CEO Retirement Solutions will report into Eakins and remain a member of the executive committee.
Leadership consistency will be retained in the Standard life business with Colin Williams, Tom Ground and Nigel Dunne remaining in their roles, as well as Mark Screeton continuing as SunLife CEO.
Curran said: “I have seen many changes first hand since I joined this sector 35 years ago and the industry’s role in society continues to be more important than ever. Our research shows that 17 million people are expecting an income below the PLSA’s minimum retirement living standard or are not on track to achieve it. By the early 2040s, three in five people will be entering retirement with inadequate savings. Urgent action is needed to reverse this.
“It has been a privilege to lead the team at Standard Life and be part of Phoenix Group since 2020. It has been a great company to work at over the past five years and with the leadership team in place I know it has a fantastic future ahead of it.”
Andy Briggs, Phoenix Group CEO, said: “It has been an absolute pleasure to work so closely with Andy, in particular in his role as CEO of Standard Life. He has been inspirational in transforming and turning around the business and he has been a tireless champion of customer interests.
“Standard Life is as committed as ever to delivering exceptional outcomes for customers, clients, and shareholders, as part of Phoenix Group’s wider strategy. The future is exciting for Standard Life and we look forward to harvesting the benefits of the strategy that the team have put in place under Andy’s leadership. I wish him well in his retirement.”
