STANDARD Life has said that John Paynter has decided to retire from the board of the life and pensions giant with immediate effect for health reasons.
Edinburgh-based Standard Life said Crawford Gillies has succeeded Mr Paynter as Senior Independent Director of the company. Mr Gillies is chairman of Scottish Enterprise. Mr Paynter has also resigned from the board of the Standard Life Investments fund management subsidiary, which he chaired. John Devine, a non-executive director of Standard Life Investments, has been appointed non-executive chairman of the business with immediate effect. Mr Paynter joined the boards of Standard Life Investments and its parent company in 2010 and 2012 respectively. Standard Life's chairman, Sir Gerry Grimstone, said: "On behalf of the Board, I would like to thank John Paynter for his excellent service and commitment to Standard Life during a period of great change and development. John has been a deeply-valued and special colleague and our thoughts are with him and his family."
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