Directorate Change

RNS Number : 7525F

Standard Life Aberdeen plc

23 February 2018

 

Standard Life Aberdeen plc

Board changes

Standard Life Aberdeen plc ('the Company') announces the following Board changes.

Julie Chakraverty, Lynne Peacock and Akira Suzuki will retire from the Board of the Company at the conclusion of its next AGM, the exact date of which is still to be determined and will be announced in due course.

Julie has been a Director of the Company since August 2017, having served as a Director of Aberdeen Asset Management PLC since May 2011.  During her time on the Aberdeen Board she served as Senior Independent Director, Chair of the Risk Committee and Chair of the Innovation Committee.

Lynne has been a Director of the Company since April 2012.  During her time on the Standard Life plc Board, she served as Chair of the Remuneration Committee and as non-executive Chair of Standard Life Assurance Limited.

Akira has been a Director of the Company since August 2017, having served as a Director of Aberdeen Asset Management PLC since August 2013 through their business and capital alliance with Mitsubishi UFJ Trust and Banking Corporation (MUTB). The Company continues to maintain a very strong relationship with MUTB, but as its present shareholding in the Company following the merger is below the level at which Board representation would be customarily granted, Akira will be standing down from the Board. 

Following these changes, the Board of Standard Life Aberdeen plc will comprise four executive directors, eight non-executive directors and the Chairman.  The Board will be made up of two women and eleven men. 

Commenting on these retirements, Sir Gerry Grimstone, Chairman, said: "On behalf of the Board, I would like to thank Lynne, Julie and Akira for their excellent service to both the new Standard Life Aberdeen Board as well as its predecessor Boards".

"It has been my pleasure to work with Lynne for six years during her time on the Standard Life plc Board, the SLAL board where she has been a most effective Chairman, and latterly, the Standard Life Aberdeen board. Lynne has always offered a great deal of valuable insight and challenge.

"Julie is also a long-standing and dedicated director, having sat on the boards of Aberdeen and Standard Life Aberdeen for 7 years.  I am grateful to Julie for bringing her impressive experience to bear in supporting the company through our early days as a combined business. Julie has been a real asset to the board at this important time.

"Akira's contribution to the board has been invaluable, in deepening and enhancing the relationship with MUTB, but also, importantly, for his excellent input across all elements of the Company's business development. I look forward to continuing to develop our strong relationship with MUTB and I know Akira will be a strong advocate for this continuing collaboration.

"We are presently seeking to recruit an additional director with skills in the areas of platform and technology, ideally with an international background.  As ever we will consider the general composition of the Board and our broader diversity aims when we make this appointment."

The Company also announces that, after serving eleven years as Chairman, Sir Gerry Grimstone has informed the Company's Board that he intends to stand down by the end of 2019.  An Appointments Committee has been established and Simon Troughton, Deputy Chairman, and non-executive Director Melanie Gee, will lead the process to identify and appoint the next Company Chairman.  Sir Gerry Grimstone will continue in his role until this process is complete.

Sir Gerry said: "It has been my privilege to serve as Chairman for eleven years and I will continue to do so until my successor is in place.  The announcement that we have made today, if approved by shareholders, marks the completion of the transformation of the Company from Europe's largest mutual life assurance company, to a global investment powerhouse. This has been a period of enormous change for the Company, and serving the Board through this has been both challenging and rewarding.  It has been extremely satisfying to have played my part in all that we have achieved."

Simon Troughton, Deputy Chairman, speaking on behalf of the Board said:

"Sir Gerry's contribution to the success of Standard Life Aberdeen over the last decade has been immeasurable. He has led the company through its transformation from a newly listed life assurance company to being the UK's largest active investment management company with an increasingly global reach. He will be a hard act to follow.

"We have a strong governance framework in place and following today's announcement, the Appointments Committee led by Melanie Gee and myself, will now commence the search for a suitable successor."

The Financial Conduct Authority and the Prudential Regulation Authority have been informed of these changes and no other information is required to be disclosed pursuant to paragraph LR 9.6.13R of the Listing Rules of the Financial Conduct Authority.

23 February 2018

Enquiries:

Media: Katy Hetherington	[phone]* [phone]
Institutional Equity Investors: Jakub Rosochowski	[phone]* [phone]
Group Secretariat: Paul McKenna	[phone]*

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LEI number of Standard Life Aberdeen plc: 0TMBS544NMO7GLCE7H90

Classification: 3.1. Additional regulated information required to be disclosed under the laws of a Member State

 

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