STANDARD Life chief executive Sandy Crombie has denied claims that UK chief Trevor Matthews quit because of a rift in the boardroom.
Mr Matthews handed in his resignation on Tuesday night after agreeing to become chief executive of rival Friends Provident.
It is thought that Mr Matthews was frustrated by the refusal of Mr Crombie, who will be 60 in just over a year, to announce
when he would step down, as well as the board's failure to recognise him as successor.
But Mr Crombie insisted the pair have had a "perfectly fine professional relationship" over the last three and half years, and had "achieved a lot together in the UK market".
And the 58-year-old suggested it could be some time before he does finally decide to give up his job.
"I've been saying for four years now I don't plan to retire, " he said. "I listened to Senator McCain, aged 72, winning the Florida primary last night and talking about his plans to lead the world's largest nation. I feel no pressure to retire. I see no reason while I am fit and healthy."
Shareholders have been looking for further information about the Edinburgh-based firm's strategy when Mr Crombie retires. Full- year results published yesterday showed new worldwide sales for the firm rose 12 per cent to £16.3 billion. Its UK arm increased business by 15 per cent to £13.17bn.
The full article contains 245 words and appears in Edinburgh Evening News newspaper.
