Standard Life’s (LON:SL) chief executive Keith Skeoch will be responsible for the day-to-day running of the company following the group’s merger with Aberdeen Asset Management (LON:ADN), the blue-chip insurer has said. The news came as the companies moved to allay investor concerns over the unconventional structure of the enlarged group which will have two co-CEOs.
Standard Life’s share price has jumped in London in today’s session, having added 0.94 percent to 363.20p as of 14:20 GMT, and outperforming the benchmark FTSE 100 index which is currently 0.02 percent better off at 7,426.16 points. Aberdeen’s share price meanwhile stands 0.60 percent higher at 268.20p, as compared with a 0.15-percent rise in the mid-cap FTSE 250 index.
Standard Life and Aberdeen published a statement today to clarify the post-merger roles of their respective bosses, Keith Skeoch and Martin Gilbert. The move came after the companies unveiled an all-share merger earlier this month and named their bosses as co-CEOs of the enlarged group.
Standard Life and Aberdeen explained that 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. Standard Life’s chief executive meanwhile will have individual accountability for the day to day running of the business, while Aberdeen’s Gilbert will be responsible for external matters.
The companies will also set up a chairman committee with the purpose of ensuring ‘effective coordination,’ which will include the two co-CEOs, along with Sir Gerry Grimstone, Standard Life’s current chairman who will become head of the new company’s board, and Aberdeen chairman Simon Troughton, future deputy chairman of the enlarged group.