Rankine is currently chief actuary at the business and takes up his new role at the beginning of January.   

He also became an executive director of the board, effective at the beginning of this month, both posts are subject to regulatory approval.  

The firm says Rankine replaces Martin Pringle, who will leave the institution “to pursue other career opportunities”.   

Finance head Pringle stepped back from acting chief executive in April last year after assuming the role in April 2021, following the death of former chief executive Jim Galbraith.  

The mutual says Pringle handed the top job over to new chief executive Stephen McGee in April and “agreed to step back into the chief financial officer role to ensure a smooth handover to McGee and to help with the process of looking for a strong successor to take on the chief financial officer role”.  

Rankine has been chief actuary at Scottish Friendly since 2018, after holding senior positions at Deloitte UK and working at Standard Life.  

He will oversee the finance and investment teams and will be “responsible for shaping the corporate strategy and culture of the business”.   

The firm’s current head of financial insurance and risk, Scott McNeill, will become chief actuary from the beginning of January.  

The business has also hired Alexander Manas as commercial director, to take over from recently retired Neil Lovatt.  

It says Manas has 20 years of experience working in senior strategic, corporate development and portfolio management roles in Belgium and the UK, and will be responsible for overseeing the firm’s marketing, partnerships and product delivery. He takes up his post on 14 November.  

Scottish Friendly chief executive Stephen McGee says: “Having individuals with the calibre and experience of Alan and Scott stepping into these roles shows the depth and strength of talent within the organisation.  

“In addition, Alexander will bring with him 20 years of experience working with large teams to drive strong commercial results, so I am thrilled that he has accepted my offer to join Scottish Friendly as we continue to provide value to our members and the wider community.  

“I would also like to take this opportunity to thank Martin for his hard work and commitment over the years and for his dedication to significantly growing our society during his time.”