A leading figure in Standard Life’s senior management team is to leave the company and retire this year, it has been announced this morning.

Paul Matthews, CEO UK & Europe pensions and savings, will retire on 31 August. He joined Standard Life in 1989.

He will leave his role as an executive director on 1 March.

Barry O’Dwyer, CEO Standard Life Assurance, will take his place as an executive director.

Mr Matthews had senior roles in distribution and relationship management before he was appointed UK chief executive officer in 2011 and UK & Europe chief executive in 2012. He was appointed to the board of Standard Life Assurance in 2007 and the board of the company on 1 November 2015.

Mr O’Dwyer joined Standard Life in 1988 and between then and 2008 held various marketing, product development and actuarial roles.

From 2008-2013 he held senior roles with HBOS and Prudential, including as Prudential’s deputy chief executive, UK & Europe.

He rejoined Standard Life in 2013 as managing director of workplace and corporate pensions, and was appointed CEO, Life Assurance in 2016. He was appointed to the board of Standard Life Assurance on 1 September 2016.

As well as replacing Paul on the board, Barry will also assume Paul’s responsibilities for the pension & savings business.

Company chairman Sir Gerry Grimstone said: “My thanks go to Paul for his service over the past 28 years. His dedication and commitment to Standard Life during that time is unparalleled and we owe him a tremendous debt of gratitude. We will miss him. I would like to welcome Barry to the Board. His extensive knowledge of the savings market will provide valuable insight to inform our thinking and ensure customer and client interests remain at the centre of our decision making.”