Standard Life plc and Aberdeen Asset Management PLC have outlined the post-merger allocation of responsibilities between the co-chief executives.
The two firms announced terms of the merger earlier this month and stated that their current chief executives, Keith Skeoch and Martin Gilbert, would become joint heads of the merged firm.
The firms also highlighted an organisational design that will be aligned to the combined group’s strategy:
- Putting investments at the heart of the combined business;
- Focussing on long-term client needs;
- Diversifying across geographies, asset classes and client and customer channels;
- Distributing through a combination of wholly owned businesses, joint ventures and strategic alliances;
- Co-ordinating and effectively operating across all distribution channels;
- Reducing costs and realising further efficiencies through simplification; and
- Delivering on the integration objectives, including the targeted synergies.
As co-chief executives, 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.
Mr 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.
Mr Gilbert will have individual accountability for external matters including responsibility 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 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), Mr Skeoch and Mr 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, commented: “I am delighted that we have announced these clear accountabilities for the co-chief executives 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”.
All relevant appointments are subject to regulatory approval.