abrdn plc announces that it is beginning the process of moving to fresh leadership, having completed the critical first stage of its transformation into a modern and digitally-focused specialist asset and wealth management company. Following the significant strategic repositioning of the company, the Board and Group CEO, Stephen Bird, have together agreed that it is the right time for Stephen to hand over the reins to the team he has assembled over the last four years to drive the business forward.

 Jason Windsor, currently Group Chief Financial Officer, has today been appointed as Interim Group CEO, subject to regulatory approval, while a formal search process, which will include consideration of external candidates, is completed. Jason will focus on the execution of the Group’s strategy and transformation plans, and Stephen will work alongside Jason until 30th June, which marks the four-year anniversary of his appointment, to ensure a smooth handover.

Sir Douglas Flint, Chairman of abrdn, said:

“On behalf of the Board, I want to thank Stephen for everything he has achieved at abrdn over the last four years. He joined us as the pandemic took hold and, despite the restrictions this imposed, spearheaded a fundamental reshaping of the company, leading from the front to create a company that can be competitive in a fast-evolving sector. Adapting the inherited business model to be capable of generating sustainable and profitable growth required strategic vision, intense hard work and the courage to make tough but necessary decisions. While this was underway, Stephen took time to assemble the talent needed to execute successfully on his strategic vision and he passes on to them, with confidence, the responsibility to execute the next stage of our transformation. We owe him a great debt of gratitude and wish him well in the next phase of his career.

Jason brought significant and relevant leadership experience to abrdn and since his arrival last year has made a strong start. The Board looks forward with confidence to working with him in his new role as our Interim Group CEO.”

Stephen Bird, said:

“I am immensely proud of the work we have done together to simplify abrdn and position the company for sustainable growth. Together with a refreshed leadership team and an incredibly committed group of colleagues at all levels, we have refocused our global Investments business as a specialist asset manager, working to address its cost base and build mutually beneficial linkages with our wealth businesses. abrdn’s position in the UK wealth market has been transformed through the acquisition of interactive investor together with investment in our Adviser business; these are essential moves as the ongoing democratisation of savings responsibilities reinforces the demand for simple and cost-effective platform solutions to support individuals as they address their long-term financial needs.

It has been a privilege to lead abrdn through an intensely challenging time in our industry and I am grateful to my colleagues for their support and commitment to serving our clients with distinction. I leave the company well positioned, having embedded greater diversification of revenues, retained a strong capital position and, most importantly, developed a refreshed leadership team which is ready and eager to take on the challenge of realising abrdn’s full potential.”

On 24 April 2024, abrdn announced its Q1 AUMA and Flows Trading Update, with AUMA up by 3% to £507.7bn and total net inflows £0.8bn in the quarter. Trading and net flows thus far in Q2 have shown similar trends to Q1, and abrdn will announce its first half results on 6 August 2024.

Information regarding the compensation arrangements for Stephen Bird are set out in the Appendix and follow the remuneration policy approved by shareholders at the 2023 AGM. Compensation arrangements for Jason Windsor upon moving to the Interim Group CEO role are also set out in the Appendix.

Source: abrdn