MALCOLM Wood, the lawyer who piloted Standard Life through its controversial demutualisation eight years ago, is quitting as company secretary to take up the same role at Lloyds Banking Group.

Mr Wood is sole survivor of the management team which under former chief executive Sandy Crombie took the company through its bruising transition from mutual insurer to listed financial services group in 2006.

He joined Standard Life as general counsel and company secretary in 2001 after 18 years at Burness, and his 13-year reign has spanned four chief executives and five finance directors.

No announcement has yet been made by either company about his departure, alhough Mr Wood is leaving Standard Life at the end of this month. Lloyds appointed Marc Boston as company secretary last January after the departure of Claire Davies.

In an interview last year with The Lawyer magazine Mr Wood took the credit for a "£100million courtroom victory" over the payment of indemnity insurance for Standard Life's cash fund that lost investors 5 per cent of their money in 2009, before they were compensated.

Standard Life chief executive David Nish said: "Malcolm has played a key role in Standard Life's success in recent years, most notably in guiding us through demutualisation in 2006.

"He has also built a very strong and professional secretariat and legal function.

"I'd like to thank him for his support and guidance, and I wish him all the very best in his new role."