Aberdeen Asset Management has revealed plans to restructure its board which will see the size of the board reduced from the current 18 to 11 and the creation of a separate executive management committee.
Effective immediately, the seven strong committee will be established and led by chief executive Martin Gilbert. It will assume responsibility for running Aberdeen's asset management business.
Two members of the committee, Gilbert and finance director Bill Rattay, will remain members of the board.
Six other members of the board, Katherine Garrett-Cox, Andrew Laing, Bev Hendry, Gary Marshall, Iain Reid and Hugh Young are resigning immediately and all but Reid will join the committee.