Standard Life Aberdeen announces further changes to board

Bill Rattray

In the same week that has seen co-chief executive Martin Gilbert step down, Edinburgh-based Standard Life Aberdeen has announced more changes to its board of directors.

After a career with the group spanning some 34 years, Bill Rattray will retire from the SLA board, by mutual agreement, on 31 May 2019. 

Mr Rattray was appointed to the firm’s board in August 2017, having been finance director of Aberdeen Asset Management since January 1991.  

He will be succeeded by Stephanie Bruce who, subject to satisfying all relevant regulatory requirements and processes, will take up the position of chief financial officer (CFO) and executive director on 1 June 2019.  

Ms Bruce’s appointment will be subject to election by shareholders at the AGM on 14 May 2019.

A highly experienced financial services practitioner with over 25 years sector knowledge of technical, reporting and commercial practices, Ms Bruce has been a partner at PwC since 2002 and a member of the Assurance Executive since 2016, leading the Financial Services practice for Assurance in the UK.

In addition, Richard Mully will retire from the firm’s board at the conclusion of the 2019 AGM.

He has been a director of the company since August 2017, having served as a director of Aberdeen since April 2012.

SLA chairman Sir Douglas Flint, said: “On behalf of the Board, I would like to thank Bill and Richard for their dedicated service to Standard Life Aberdeen, particularly as it came together after our merger in August 2017.  I am delighted that Stephanie will be joining us as CFO bringing with her extensive experience gathered over an impressive career in financial services.”

SLA said yesterday that its board had unanimously approved the dissolution of the co-chief executive structure comprising Keith Skeoch and Martin Gilbert that has been in place since the merger of Aberdeen Asset Management and Standard Life in August 2017.

Mr Skeoch has now been appointed sole chief executive officer, while Mr Gilbert becomes vice vhairman of Standard Life Aberdeen, chairman of Aberdeen Standard Investments and will continue to be an executive director of the SLA board.  

The pair will continue to report directly to the firm’s chairman.