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SL, ADN outline Co-CEO roles

20 March 2017 13:09

Following the recommended merger between Standard Life and Aberdeen Asset Management, the following allocation of responsibilities between the Co-Chief Executives has been confirmed as follows:

"As Co-CEOs, Keith Skeoch and Martin Gilbert will share responsibility 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.

"The principles supporting the allocation of responsibilities between them will be as follows:

"Keith Skeoch will have individual accountability for the day to day running of the fabric 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.

"Martin Gilbert will have individual accountability for external matters including responsibility for International Activities, Distribution including client engagement and business development, Marketing and Corporate Development.

"Keith and Martin will have joint accountability for Communications and the post-merger Integration Programme.

"A Chairman's Committee will be established to ensure effective co-ordination as the Combined Group moves forward after completion of the merger. It will be chaired by Sir Gerry Grimstone, with Simon Troughton (Deputy Chairman of the Combined Group), Keith Skeoch and Martin Gilbert as its other members.

"Both companies expect to make further announcements regarding the composition of the proposed executive management teams of the Combined Group and senior executive responsibilities in due course.

Sir Gerry Grimstone, Chairman of the proposed Combined Group 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".

At 1:08pm:

(LON:ADN) Aberdeen Asset Management PLC share price was +0.25p at 266.85p

(LON:SL.) Standard Life PLC share price was +1.3p at 361.1p

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