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A cool head who angers the punters
11 Feb 2009Sir Sandy Crombie says he is calm in a crisis. Critics point out he gets plenty of practice.
A company man - 42 years at Standard Life - Crombie could be the reason Scots get called dour.
"The key strategy to relaxation is to not get worked up in the first place," he once said.
But customers and shareholders have had plenty of reasons to get angry. The latest blow to Standard Life's reputation is just one of many the 183-year-old institution has suffered of late.
A £5 billion bid to buy Resolution in 2007 failed, leaving the City spooked by the sudden about-turn in strategy and asking why it was pursuing such deals in the first place. This year the insurer slashed payouts on with-profits policies by 13%, far more than industry rivals. And the shares have not been a good investment since it ditched mutuality in 2006 in favour of life on the stock market.
Crombie was the only person from the financial services sector to get a knighthood in this year's New Year Honours. Some asked what he had done to deserve it.
The answer may be that Standard Life has been vocal in support of Gordon Brown's plans to save the banking system.
Standard came out early and forcefully in favour of Lloyds TSB's takeover of HBOS, and backed the £400 million Bradford & Bingley rights issue.
Reader views (1)
Another knighthood for the Scotch Mafia and reward for failure - bonuses slashed, share price under water - pensions debacle. The point which Combie overlooks is that it should have never happened n the first place, and when it had happened it should have been corrected immediately instead of only after a prolonged public outcry.
- Michael Corby, London UK, 11/02/2009 14:26
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