Schroders chief executive Michael Dobson will step down from his role at the helm of the company and will become chairman of the board in a reshuffle at the firm.
Dobson, who has been chief executive since 2001, will be succeeded by head of investment Peter Harrison from next month. Harrison will retain his current role as well as taking on the new position.
As part of the management reshuffle global head of distribution Massimo Tosato, who is also executive vice chairman, will retire and leave the company at the end of December. He has been with the company since 1995 and joined the board in 2001.
A spokesperson for Schroders says Tosato will work with Harrison until his departure to transfer his responsibilities.
“All of Peter Harrison’s current direct reports, the asset class heads, will continue to report to him in his new role. We have strong senior management team within distribution and we are delighted that Massimo Tosato will work closely with Peter Harrison until the end of the year to transition his responsibilities. Massimo will retire as a director of the board on 31 December 2016,” says the spokesperson.
Andrew Beeson, who is chairman of the board, will also retire, leaving the firm next month. He has been board chair for the past four years, having been on the board for 12 years.
In a statement the company said: “Succession planning has been a long-term priority for the board and these appointments have been made after careful consideration and in consultation with major shareholders.”
Ashley Almanza, a non-executive director on the board, will leave the firm too after five years. Rhian Davies will replace him as chairman of the audit and risk committee at the conclusion of the annual general meeting next month.
Lord Howard, senior independent director, says: “We are delighted that Peter Harrison will succeed Michael as chief executive. Peter has great experience of the investment industry and a deep knowledge of the firm, its culture and values. Michael Dobson is the outstanding candidate for the chairman role and the board’s unanimous choice.
“Michael has been an exceptional leader of the business for over 14 years. During that time, profits have reached a record level in excess of £600m, assets under management have tripled and significant value has been created for shareholders. Schroders has built a highly diversified business with an exceptional pool of talent, and the firm is well placed for the future. Michael will be involved in supporting the firm’s relationships with its major clients, shareholders, strategic and commercial partners and regulators.
“Although he will not be retiring from the firm until the end of this year, I would also like to take the opportunity to recognise the enormous contribution Massimo Tosato has made to the firm over 21 years as head of our highly successful global distribution business working closely with Michael Dobson as a Director of the Company for over 14 years. He will leave to pursue his entrepreneurial ambitions with our very best wishes.”