Standard Life Aberdeen plc ('the Company') announces the following changes to its Board of Directors ('Board').
Recognising the progress made since the merger, with the encouragement of the Board, the co-CEOs instigated discussions around the management structure best placed to deliver the strategy agreed by the Board. 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.
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With effect from 13 March, the Board unanimously approved the dissolution of its current co-Chief Executive structure. Keith Skeoch has been appointed sole Chief Executive Officer. Recognising the critical importance of his client facing responsibilities, Martin Gilbert becomes Vice Chairman of Standard Life Aberdeen, Chairman of Aberdeen Standard Investments and will continue to be an Executive Director of the Board. In this role, Martin will be able to focus solely on our strategic relationships with key clients, winning new business and realising the potential from our global network and product capabilities. Martin and Keith will continue to report directly to the Chairman.
After an outstanding career with the Group of some 34 years, Bill Rattray will retire from the Board, by mutual agreement, on 31 May 2019. Bill was appointed to the Board in August 2017, having been Finance Director of Aberdeen Asset Management PLC ('Aberdeen') since January 1991. He will be succeeded by Stephanie Bruce who, subject to satisfying all relevant regulatory requirements and processes, will take up the position of Chief Financial Officer (CFO) and Executive Director on 1 June 2019. Stephanie's appointment will be subject to election by shareholders at the AGM on 14 May 2019.
Stephanie Bruce is a highly experienced financial services practitioner with over 25 years sector knowledge of technical, reporting and commercial practices. She has been a partner in PwC since 2002 and a member of the Assurance Executive since 2016, leading the Financial Services practice for Assurance in the UK.
In addition, Richard Mully will retire from the Board at the conclusion of the 2019 AGM. He has been a Director of the Company since August 2017, having served as a Director of Aberdeensince April 2012.
Commenting on these Board changes, Sir Douglas Flint, Chairman, said: "A great deal has been achieved by both Martin and Keith to drive the business forward, and leave us well-placed for the future. 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.
On behalf of the Board, I would like to thank Bill and Richard for their dedicated service to Standard Life Aberdeen, particularly as it came together after our merger in August 2017. I am delighted that Stephanie will be joining us as CFO bringing with her extensive experience gathered over an impressive career in financial services".
Following these changes, the Board will comprise four executive directors, five non-executive directors and the Chairman. The Board will be made up of four women and six men.
The Financial Conduct Authority has been informed of these proposed changes and no other information is required to be disclosed pursuant to paragraph LR 9.6.13R of the Listing Rules of the Financial Conduct Authority.
Source: Standard Life Aberdeen