Standard Life and Aberdeen clarify co-CEO roles

March 20th, 2017

Standard Life and Aberdeen Asset Management have clarified the co-chief executive roles following the shock news of their merger earlier this month.

On 6th March, it was revealed that Standard Life CEO Keith Skeoch and Aberdeen boss Martin Gilbert would serve as joint CEOs of the combined group.

A further announcement issued by Standard Life has detailed the allocation of responsibilities that will be shared and distributed between Skeoch and Gilbert. Skeoch and Gilbert will both be responsible for core aspects of the role such as the executive committee, developing and promoting the combined group’s strategy and objectives, and monitoring operational performance and strategic direction.

Skeoch will be responsible for the day to day running of the combined business, including responsibility for investments, pensions and savings, the India and China insurance joint ventures, operations, finance, HR, risk and regulatory culture, as well as the legal and secretariat functions. Meanwhile Gilbert will be responsible for international activities, including client engagement, business development, marketing and corporate development.

After the completion of the merger, a chairman’s committee will be established to ensure effective co-ordination as the merger moves forward. Sir Gerry Grimstone will be the chairman, with Simon Troughton as the Deputy Chairman, alongside Skeoch and Gilbert as other members.

Grimstone said: “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.”

Gilbert said: “Keith and I have established a strong working relationship during the deal process and the mutual respect and trust which has been established will form the basis of our ongoing working relationship…. Importantly we are both team players and see the benefit of delegating decision-making as well as seeking guidance from others to formulate clear strategic objectives… We will draw on our complementary strengths and skill-sets to lead the combined company. Keith will oversee the fabric of the company whilst I will be more outward facing focused on building and strengthening client relationships and developing international business.”

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