British financial services entity Standard Life Plc today said David Nish will takeover as Chief Executive Officer of the Group from January next year.

Nish, who is currently the Group Finance Director, would be succeeding Sir Sandy Crombie and would be paid a basic salary of 700,000 pounds per annum.

“David Nish will take up his role as Standard Life Group Chief Executive on January 1, 2010,” Standard Life said in a statement.

Standard Life said Nish would get an annual basic salary of 700,000 pounds and bonuses would be subject to performance.

“The target level of bonus payable under the Short Term Incentive Plan will be 75 per cent of salary and the maximum level will be 175 per cent. Under the Long Term Incentive Plan, the maximum value of shares as at the date of grant will be 200 per cent of salary,” it added.

According to the company, any bonuses paid or deferred, would be subject to claw back provisions.

Crombie would stand down from his position on December 31, 2008, but would remain with the business until the end of April 2010 to ensure a smooth transition.

Nish joined the company as Group Finance Director and a Director in November 2006.

In India, Standard Life has a joint venture private insurance company with leading mortgage lender HDFC. The British group has about 10,000 employees across the UK, Canada, Germany, India and the US, among others.

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