David Nish is to replace Sir Sandy Crombie as chief executive of Standard Life in what Gerry Grimstone, chairman, said was a significant changing of the guard that would also represent continuity.

Mr Grimstone praised the energetic and decisive qualities of Mr Nish, 49, who has been finance director at the Scottish life insurer since late 2006 and has been seen by some as favourite candidate to take over since as far back as 2007.