Directorate Change

RNS Number : 7231F

Standard Life Aberdeen plc

30 October 2018

 

Standard Life Aberdeen plc

Directorate Change

Chairman Succession

The Board of Standard Life Aberdeen plc ('the Company') announces that Sir Douglas Flint will be appointed as a Non-Executive Director and Chairman Designate of the Company on 1 November 2018.  The Board intends that Sir Douglas will succeed Sir Gerry Grimstone as Chairman on 1 January 2019 and Sir Gerry will stand down from the Board at that time.

Commenting on the appointment, Simon Troughton and Melanie Gee, Co-Chairs of the Appointments Committee, said:

"We undertook a rigorous and comprehensive international search to identify Sir Gerry's successor and we are very pleased that Sir Douglas will join the Board and become its Chairman. His passion for our Company, his strong track record as chairman and his international experience make him an ideal candidate to lead the Board as we continue to build our global investment business".

The Board added "We would like to thank Sir Gerry for his years of outstanding service and dedication to both Standard Life and Standard Life Aberdeen.  Sir Gerry has been a Director since 2003, and has steered the business through periods of significant challenge and change.  His wise counsel and chairmanship has played a pivotal role in our success over this period and he will leave a long-lasting and very positive impact on our business.  We wish him all the very best for the future".

Sir Gerry Grimstone commented: "Douglas will make an excellent chairman of Standard Life Aberdeen.  I have had the enormous privilege of serving this Company for over 15 years, and been its Chairman for over 11 years.  It is a fine company with the most brilliant employees all committed to serving our customers and clients.  They all have my very best wishes for the future."

Sir Douglas Flint added "I'm delighted to have been asked to lead the Board of Standard Life Aberdeen at this important time in its development.  I look forward to working with my fellow Directors and the management team over the coming months and years to continue to shape its future success".

Following this appointment, the Board will comprise four executive directors, ten non-executive directors and the Chairman, and will be made up of three women and twelve men.  The Board will continue to evolve in both size and composition following the merger of Standard Life and Aberdeen Asset Management in 2017.  The Financial Conduct Authority and the Prudential Regulatory Authority have been notified of the appointment of Sir Douglas Flint as Non-Executive Director and Chairman Designate, and his appointment as Chairman is subject to regulatory approval.  Sir Douglas' other appointments are listed below 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.

30 October 2018

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END

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

Notes to Editors

Sir Douglas Flint

Non-Executive Director's Fee and Chairman's Fee

Sir Douglas' fee as a Non-Executive Director of the Company will be £73,500 per annum.  When he succeeds Sir Gerry as Chairman, his fee will be £475,000.

Committee appointments

Sir Douglas will become a member of the Nomination and Governance Committee and will chair the Committee once he succeeds Sir Gerry as Chairman of the Board.

Interest in shares

As at the date of his appointment, Sir Douglas and his Persons Closely Associated hold 10,374 shares in Standard Life Aberdeen plc.

Biographical details:
Nationality:	British
Education/Qualifications:	BAcc (Hons), Glasgow University, 1973 to 1977 PMD Harvard Business School, 1983 Member of the Institute of Chartered Accountants of Scotland
Other Non-Executive Appointments:
IP Group plc China's Belt and Road Initiative Motive Partners Charities and not for profit Just Finance Foundation Royal Marsden Cancer Charity Cancer Research UK Corporate Board Centre for Policy Studies	Chairman HM Treasury Special Envoy Global Advisory Council Member Chairman Trustee and Investment Committee member Chairman Non-Executive Director
Previous Non-Executive and Advisory Roles:
BP plc   Institute of International Finance	Non-Executive Director, 2005 to 2011 Chairman, 2012 to 2016
Career summary:
HSBC Holdings plc, 1995 to 2017	Group Chairman, 2010 to 2017 Chief Financial Officer, Executive Director Risk and Regulation, 2010 Group Finance Director, 1995 to 2009
KPMG, 1977 to 1995	Partner, 1988 to 1995

Sir Gerry Grimstone

To ensure a smooth transition and to support the new Chairman, Sir Gerry will remain in an advisory position with the Company for his six-month notice period after he has stepped down from the Board.  During this time, he will be available to advise the new Chairman and the Co-Chief Executives and serve as the Company's representative on the boards of Heng-An Standard Life Insurance Company Limited and HDFC Standard Life Insurance Company Limited.

 

END

 

 

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