Standard Life announced today that Claude Garcia has decided to retire as Standard Life’s president of Canadian operations and as a member of its board of directors on December 31, 2004.

“We will miss Claude’s leadership and expertise at Standard Life” said Sandy Crombie, group chief executive, The Standard Life Assurance Co., in a news release. “We wish him well for the future following his long and distinguished career with the company during which our Canadian business has fulfilled a number of important goals” added Crombie.

Before becoming head of Standard Life’s Canadian operations, Garcia held the positions of executive vp and COO (1990-1993), executive vp, operations (1988-1990), and senior vp andaActuary (1983-1988), within the company.

Under Garcia’s presidency, Standard Life’s assets under management in Canada have tripled, increasing from $11 billion in 1993 to $33 billion in 2003. In his last year as president, he has been overseeing the project for the domestication of Standard Life’s Canadian operations, which involves the transfer of Standard Life’s Canadian operations from a branch in Canada to a wholly owned subsidiary, Standard Life Assurance Co. of Canada. The transfer is expected to improve the firm’s competitive position.

“It is with a sense of accomplishment that I have taken this decision, after working at Standard Life for 22 years” Garcia said. “I am retiring from a company which is financially secure and which has made January 1 2005, the target date for the completion of its domestication process.

As for Garcia’s replacement, Crombie said, “We will consider internal and external candidates for the position of President and have mandated the firm of Heidrick & Struggles to identify potential external candidates. We hope that we can announce Claude Garcia’s successor this fall”.