Standard Life and Aberdeen announce split CEO role

HandshakeStandard Life CEO Keith Skeoch and Aberdeen Asset Management’s Martin Gilbert will share the role of CEO following the merger of the two groups.

Skeoch and Gilbert will be co-CEOs, sharing responsibility for the executive committee, the combined group’s strategy and objectives and overseeing operational performance and strategic direction and the post-merger integration programme.

Other responsibilities have been split, with Skeoch accountable for the day-to-day running of the business and investments, pensions and savings. He will also oversee the India and China insurance joint ventures, operations, finance, HR, risk and regulatory culture, as well as the legal and secretariat functions.

Martin Gilbert will be responsible for for external matters, such as international activities, distribution, business development, marketing and corporate development.

A chairman’s committee is being set up to oversee the businesses post merger, chaired by Sir Gerry Grimstone, with Simon Troughton (deputy chairman of the Combined Group), Keith Skeoch and Martin Gilbert as its other members.

The two firms have also published their organisational design, with pledges including: putting investments at the heart of the combined business; focusing on long-term client needs; diversifying across geographies, asset classes and client and customer channels; reducing costs and realise further efficiencies through simplification and delivering on the integration objectives, including the targeted synergies.

Grimstone says: “I am delighted that we have announced these clear accountabilities for the co-CEOs in the combined business. Both boards have thought carefully about the key responsibilities and believe that the proposals play well to Keith’s and Martin’s respective leadership strengths. This blend of complementary skills and experience will serve the company well”.