Standard Life and Aberdeen Asset Management have said how their CEOs will divide duties in the merged £11 billion business.
Keith Skeoch (pictured), the CEO of Standard Life, will have individual accountability for the day-to-day running of the “fabric” of the combined business, including responsibility for investments, pensions and savings, India and China insurance joint ventures, operations, finance, HR, risk and regulatory culture, as well as legal and secretariat functions.
Martin Gilbert, the CEO of Aberdeen, will have individual accountability for external matters including responsibility for international activities, distribution including client engagement and business development, marketing and corporate development.
They 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), Skeoch and 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 said: “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”.
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