Standard Life Aberdeen has announced that its co-chief executive Martin Gilbert has stepped down from the role, ending the group’s shared leadership structure following its merger in 2017.
The UK asset manager confirmed in a statement that Keith Skeoch will lead the company as sole CEO as of 13 March, after the board unanimously approved plans to disband the current co-chief executive structure.
“The management changes now being announced are designed to strengthen our client focus, simplify reporting lines and put in place a structure which will facilitate robust execution of the next stages of our transition and transformation programmes,” Standard Life Aberdeen said.
Skeoch, formerly CEO of Standard Life, and Gilbert, formerly CEO of Aberdeen Asset Management, took on the co-CEO roles after the investment groups merged to form a £670 billion buy-side powerhouse. Gilbert will remain with the asset manager as vice chairman, chairman of Aberdeen Standard Investments, and as an executive director on the board.
In his new role, Gilbert will be able to focus solely on strategic relationships with key clients, Standard Life Aberdeen said, as well as winning new business. Both Gilbert and Skeoch will report to group chairman Douglas Flint.
“A great deal has been achieved by both Martin and Keith to drive the business forward, and leave us well-placed for the future,” Flint commented. “The changes that we have announced today have the unanimous backing of the board. The new structure will strengthen our client focus, simplify reporting lines and facilitate robust execution of the next stages of our transition and transformation programmes.”
Finally, Standard Life Aberdeen confirmed that Bill Rattray will retire from the board and from his role as finance director at the end of May this year. Stephanie Bruce, a partner at PwC since 2002, will succeed Rattray and take up the position of chief financial officer from June.