Standard Life to cut jobs in marketing

Standard Life is restructuring its marketing department and making several redundancies as part of its preparations to demutualise.

The company is still in discussions and says it cannot disclose the number of marketers who will lose their jobs. New Standard Life group chief executive Sandy Crombie warned in March that the business would be repositioned and costs cut by 20 per cent.

Standard Life previously had four marketing directors grouped by marketing discipline reporting to managing director of marketing Simon Douglas.

Following the retirement of one marketing director, Simon Shearer, who oversaw underwriting, the three remaining marketing directors will be allocated to a specific product area.

Martin Slater becomes marketing director for protection products. He will retain his previous responsibility for overall brand and advertising issues.

Barry O’Dwyer continues as marketing director for pensions and Michael Leahy as marketing director for savings and investments. However, both will now have responsibility for their own marketing communications.

Standard Life is running a TV campaign, with the strapline “I like Standard Life”, created by The Leith Agency (MW October 2, 2003). The company also uses a variety of other agencies on a project basis.

Standard Life, Europe’s largest mutual, took the industry by surprise with the announcement earlier this year that it would demutualise by 2006. The decision followed heavy losses resulting from a stock market slump and intense scrutiny from the regulator about Standard’s solvency.

Overall, 1,000 jobs in all departments will be lost.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here