Martin Gilbert is to step down as co-chief executive of Standard Life Aberdeen (SLA), leaving Keith Skeoch in charge as sole CEO.
Gilbert (pictured) will become vice chairman of SLA from today and chairman of the firm’s investment arm, Aberdeen Standard Investments (ASI). He will continue to sit on the board and will focus on strategic relationships with clients and winning new business.
The pair had co-led the business since the companies merged in March 2017.
Chairman Sir Douglas Flint 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.’
In other board changes, SLA announced that Bill Rattray, the former finance director of Aberdeen Asset Management and a veteran of 34 years is to retire from the group.
He will be succeeded by Stephanie Bruce, who will become chief financial officer on 1 June. She joins from PwC, where she was a partner since 2002 and headed its financial services practice for assurance in the UK since 2016.
Separately, Richard Mully is to retire as a director after the company’s AGM on 14 May.
SLA shares weer up 8.4p, or 3.43%, to 253.45p on the news.