Standard Life announces planned departure of its president in Canada

MONTREAL, May 6 /CNW Telbec/ - The Standard Life Assurance Company of Canada today announced that President and CEO Joseph Iannicelli has decided to leave the company by the end of 2011. Following a 19-year career with Standard Life, Mr. Iannicelli wishes to pursue new and different interests. Standard Life plc and the Board of The Standard Life Assurance Company of Canada have begun a search for his replacement.

"I'd like to thank Joseph for his leadership and wish him well for the future, said Bill Black, Deputy-Chairman of the Board. "As President and CEO since 2005, Joseph has helped the Canadian operation of Standard Life transform into a long-term savings and investment business and put the elements in place to ensure its sustainable growth.  We'll look to find the right person to lead Standard Life through its next phase in Canada."

"We have good opportunities to invest in Canada," added David Nish, Chief Executive of Standard Life plc.  "We performed strongly in 2010 with record earnings and have made a good start to 2011 as reported in our first quarter results. I'm excited about our prospects and look forward to continuing to build a dynamic business in this important market."

The Canadian operation is the largest operation of Standard Life plc outside the UK and contributes strongly to the group's earnings. It offers a full range of products and services for retirement, savings and benefits to Canadian employers as well as investment, savings and life insurance products to retail investors.

About Standard Life
Standard Life plc is a leading long-term savings and investment company headquartered in Edinburgh, Scotland. Standard Life has around 6 million customers worldwide and operates in the United Kingdom, Europe, North America and Asia Pacific, and globally with Standard Life Investments.

In Canada, Standard Life has been doing business for 178 years. Standard Life Financial Inc., which wholly owns The Standard Life Assurance Company of Canada and Standard Life Mutual Funds Ltd., has about 2,000 employees and serves more than 1.4 million Canadians, including group benefit and retirement plan members.

As of March 31, 2011, Standard Life plc had C$309 billion in assets under administration, including C$41 billion in Canada through Standard Life Financial.


For further information:

Ann-Marie Gagné
Standard Life − Canada
514-499-7999 or 1-877-499-9555, ext. 4600

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