Keith Skeoch steps down as chief exec of funds giant SLA

● Ex-citigroup executive Stephen Bird takes on top job after period of handover

Life Aberdeen has unveiled a change of leadership after Keith Skeoch announced he was stepping down after five years as chief executive.

Skeoch, who was one of the key figures behind the £11 billion merger of Standard Life and Aberdeen Asset Management in 2017, will be replaced by Stephen Bird, a former executive at Us-headquartered banking giant Citigroup.

Bird will join the board of directors at the Edinburghbased fund management heavyweight and take up the role of chief executive-designate today.

He will take the reins from Skeoch following a handover period, and subject to regulatory approvals.

Skeoch will at that point stand down from the board after some five years as group chief executive and 14 years as a director, and will serve out the remainder of his contract as non-executive chairman of the Aberdeen Standard Investments Research Institute.

The shake-up at the top follows the appointment of Sir Douglas Flint as chairman of SLA at the start of last year. The firm had been running with an unusual co-chief executive structure that had been shared between Skeoch and Martin Gilbert following the 2017 tie-up. Gilbert stepped down from his co-chief executive role last year.

Flint said: “The transition from Keith Skeoch was always going to be a challenge to deliver, given the incredible scale and range of his contributions to the success of the company over many years. I am however extremely pleased to say we have found a truly worthy successor.

“I am delighted to welcome Stephen to Standard Life Aberdeen and am looking forward to working with him. He is an inspiring leader with a great track record and experience in leading businesses to harness digital technology to improve both productivity and the client and customstandard er experience. This, coupled with his ability to create valuable partnerships and guide businesses through periods of major change, means that he is well placed to build on the strong foundations we have at SLA.”

Bird, who spent 21 years with Citi, said: “I am delighted to be joining Standard Life Aberdeen as its next chief executive. This is a company with a great history, a strong brand and an exciting future.

“The current crisis has highlighted the importance of active asset management as well as building greater resilience into personal financial planning.”

Skeoch added: “It has been a real privilege to serve on the board for the last 14 years and in particular the last five as chief executive.

“Iknowstephenwellandwill leave my current role knowing the company is in great hands. He will have my full support during transition, as he will have on an ongoing basis from the great team which has supported me.”

Following the changes, the SLA board will be made up of five women and six men.