Directorate Change

abrdn PLC

27 July 2023

 

abrdn plc

Appointment of Chief Financial Officer and Executive Director

abrdn plc ("abrdn" or the "Company") is pleased to announce the appointment of Jason Windsor as Chief Financial Officer and Executive Director of the Company, subject to regulatory approval. Jason is expected to join the Company by the end of October 2023.

Jason is a highly experienced CFO and brings demonstrated expertise and significant knowledge of our industry from over a decade within the Aviva Group, latterly as Group Chief Financial Officer, departing from that role in 2022. Prior to taking on that Board position in 2019, he served as Chief Financial Officer of its UK Insurance businesses, Chief Capital & Investments Officer and a Director on the Board of Aviva Investors. Jason joined Aviva in 2010 after 15 years at Morgan Stanley, latterly as a Managing Director within its Investment Banking Division advising financial sector clients. For the last year he has been Chief Financial Officer of Persimmon plc.

Sir Douglas Flint CBE, Chairman, said:

"I am delighted to welcome Jason to the Board. His detailed knowledge and experience in our sector together with his broader financial markets experience complements existing Board capabilities very positively. We are all looking forward to working with him."

Stephen Bird, Group Chief Executive Officer, said:

"Jason is a superb addition to our executive team at abrdn, bringing almost three decades of experience from the UK financial services sector. He is a clear thinker who knows our markets and has first-hand knowledge of life as a public company CFO. He can unquestionably help us drive the business to the next level."

Jason Windsor said:

"I am delighted to be joining abrdn, which is pursuing an exciting customer-centric strategy. The financial services sector is undergoing monumental changes with consumers having to take more responsibility for their own finances, there is a huge advice gap, and the asset management industry is in transformation. I can't wait to join the abrdn team and play my part in delivering on the vision".

This announcement is made pursuant to Listing Rule 9.6.11.

27 July 2023

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Enquiries:

Media Duncan Young	[phone]
Institutional Equity Investors Catherine Nash	[phone]
Group Secretariat Paul McKenna	[phone]

LEI number of abrdn plc: 0TMBS544NMO7GLCE7H90

Classification: 3.1. Additional regulated information required to be disclosed under the laws of the United Kingdom

Notes:

In accordance with paragraph LR 9.6.13R of the Listing Rules, abrdn confirms there is no further information to be disclosed in terms of LR 9.6.13R (1) to LR 9.6.13R (6) inclusive in respect of Jason Windsor.

Remuneration arrangements

All remuneration arrangements for Jason are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the Company's AGM in May 2023. As Chief Financial Officer of abrdn plc, Jason's remuneration will comprise the following:

·    A base salary of £675,000 per annum.

·    A pension allowance of 18% of salary aligned to the maximum contribution available to abrdn's UK-based employees and other benefits in line with the Directors' Remuneration Policy.

·    An Annual Bonus up to a maximum of 150% of salary subject to performance (with 50% of any bonus earned being deferred into abrdn shares for three years which will vest in three equal annual tranches).

·    An annual Long Term Incentive award of 225% of salary (final vesting % based on stretching financial and shareholder return targets over the three-year performance period and the award is subject to a further two-year holding period).

Jason will be required to build a shareholding in abrdn to the value of 225% of his base salary. At the date of this announcement, he holds no ordinary shares of abrdn.

Jason will receive awards to compensate for remuneration he is forfeiting on leaving his current employer. These will remain subject to performance conditions where appropriate and reflect the value of the forfeited awards. The vesting timeline of the replacement awards will be the same as those which apply to the forfeited awards. Details will be disclosed in abrdn's Directors' Remuneration Report for the year ending 31December 2023.

Notes to Editors:

abrdn is a global investment company that helps clients and customers plan, save and invest for the future. We manage and administer £500bn of assets on behalf of our clients (as at 31 December 2022). We are structured around three businesses - Investments, Adviser and Personal - focused on the changing needs of our clients.

By diversifying the group, we are positioning ourselves for growth in a changing investment landscape. Our focus on four strategic priorities enables us to meet the needs of clients across a range of markets.

 

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