Standard Life Aberdeen has dispensed with the co-chief exeutive structure it has employed since merger, handing a solo leadership role to Keith Skeoch.
The former Standard Life chief executive had been jointly running the merged entity with former Aberdeen Asset Management boss Martin Gilbert, who will now become vice chairman of the group.
Gilbert will continue to chair asset management arm Aberdeen Standard Investments and sit as an executive director on the board.
His salary will remain at £600,000, but the maximum percentage of bonus payable to him will be reduced from 600 per cent to 350 per cent.
Skeoch’s pay will remain unchanged.
The firm says opting for a sole chief executive, with Gilbert as vice chair, is “designed to strengthen our client focus, simplify reporting lines and put in place a structure which will facilitate robust execution of the next stages of our transition and transformation programme”.
Gilbert’s role recognises the “critical importance of his client facing responsibilities”, and he will be able to “focus solely on our strategic relationships with key clients, winning new business and realising the potential from our global network and product capabilities”.
Chairman Douglas Flint says: “A great deal has been achieved by both Martin and Keith to drive the business forward, and leave us well-placed for the future. The changes that we have announced today have the unanimous backing of the board.”