Standard Life has appointed Charles Guay to the role of president and CEO of Standard Life Canada, following an extensive search, the company said Monday.

He will be based at the group’s Canadian head office in Montreal.

Guay joins Standard Life from National Bank of Canada where he is currently senior vice president, strategies, marketing and investment solutions, wealth management; and president and CEO National Bank Securities.

Standard Life plc Chief Executive, David Nish, described Guay as “an outstanding candidate for the position.”

Guay will replace Joseph Iannicelli who announced in May 2011 that he is leaving Standard Life, and will begin as CEO effective Feb. 1, 2012, followed by Iannicelli’s departure on Feb. 14.

Iannicelli to leave Standard Life by year end

Guay has extensive experience of the long-term savings and investment industry having held a number of senior positions at National Bank of Canada, and worked in various roles at Fidelity Investments Canada, RBC Dominion Securities and Lévesque Beaubien Geoffrion. He has been instrumental in delivering a strong wealth management organization and retirement strategy for the bank.

“I’m very pleased to be welcoming Charles to Standard Life,” He is an outstanding candidate for the position and greatly impressed us with his experience, enthusiasm and leadership credentials,” said Nish in a release.

“We’re strengthening our growth in the long-term savings and investment market and continuing our transformation of the business, which Charles will now lead,” Nish added.

Earlier this month, Standard Life said it will stop selling its individual life insurance and critical illness products effective Jan. 1, 2012.

The company will continue to include life insurance coverage in its group benefits offering, but will no longer sell individual universal life insurance, term insurance, whole life insurance and critical illness insurance.

Standard Life exits individual life and CI markets