Flint will succeed Gerry Grimstone whose 11-year stint as chairman was crowned by Standard Life's takeover of Aberdeen Asset Management, but which has been marred recently by a tussle with Lloyds Banking Group over a 109 billion pounds investment mandate. Standard Life (SLA) announced in February that Grimstone would stand down as chairman next year. Flint joins as a non-executive director and chairman designate on Nov. 1 and will take over the reins from Grimstone on Jan. 1, subject to regulatory approval. "We undertook a rigorous and comprehensive international search to identify Sir Gerry's successor and we are very pleased that Sir Douglas will join the Board and become its chairman," Simon Troughton and Melanie Gee, co-chairs of SLA's appointments committee, said in a statement. "His passion for our company, his strong track record as chairman and his international experience make him an ideal candidate to lead the Board as we continue to build our global investment business." (Reporting by Sangameswaran S in Bengaluru; Editing by Shailesh Kuber and Susan Fenton) By Sangameswaran S and Simon Jessop
Max Life Insurance has proposed to hold a 69% share in a new merger with HDFC Standard Life Insurance, the latter seeing a shareholding of 24%. The deal still requires the approval of shareholders and high-court officials.