Standard Life and Aberdeen announce post-merger co-chief executive roles for Gilbert and Skeoch

Standard Life CEO Keith Skeoch and Aberdeen Asset Management boss Martin Gilbert will share the role of CEO following the merger of the two finanical giants to create one of the largest active investment managers in the world.

The Boards of both Standard Life and Aberdeen Asset Management announced a “post-merger approach to Organisational Design and the allocation of responsibilities between the co-chief executives” today.

As co-CEOs, Keith Skeoch and Martin Gilbert will share responsibility for core aspects of the role such as the Executive Committee, developing and promoting the Combined Group’s strategy and objectives, and monitoring operational performance and strategic direction.

The two firms said Mr Skeoch will have individual accountability for the day-to-day running of the fabric of the combined business, including responsibility for Investments, Pensions and Savings, the India and China Insurance Joint Ventures, Operations, Finance, HR, Risk and Regulatory Culture, as well as the Legal and Secretariat functions.

Mr Gilbert, meanwhile, will have individual accountability for external matters including responsibility for International Activities, Distribution including client engagement and business development, Marketing and Corporate Development.

And Keith and Martin will have joint accountability for Communications and the post-merger Integration Programme.

A joint statement also revealed that 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), Keith Skeoch and Martin 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, Chairman of the proposed Combined Group said: “I am delighted that we have announced these clear accountabilities for the Co-CEOs in the combined business. 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”.