Former Standard Life CEO Keith Skeoch will be responsible for the internal day-to-day management of the combined Standard Life/Aberdeen Asset Management business, while Martin Gilbert will be responsible for external matters, it has been announced.
A statement from the organisation outlining the future responsibilities of the two co-CEOs says Skeoch will run 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.
Gilbert will have individual accountability for international activities, distribution including client engagement and business development, marketing and corporate development.
Both will have joint accountability for communications and the post-merger integration Programme.
A chairman’s committee will be established, 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.
The post-merger approach to organisational design of the new entity will ‘put investments at the heart of the combined business, focus on long-term client needs, diversify across geographies, asset classes and client and customer channels and distribute through a combination of wholly owned businesses, joint ventures and strategic alliances’.
The organisation says it will reduce costs and realise efficiencies through simplification and deliver targeted synergies.
Chairman of the proposed combined group Gerry 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”.
