Standard Life Aberdeen (LON:SLA) has appointed former HSBC Holdings (LON:HSBA) chairman Sir Douglas Flint to lead the merged group’s board, the blue-chip asset manager has said. Flint is due to succeed Sir Gerry Grimstone on January 1.
Standard Life Aberdeen’s share price has slipped into the red in today’s session, having given up 0.69 percent to 264.40p as of 13:36 BST. The stock is marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.42 percent lower at 6,997.11 points. The group’s shares have given up more than 46 percent of their value over the past year, as compared with about a 6.6-percent dip in the Footsie.
SLA appoints Douglas Flint as chairman
Standard Life Aberdeen announced in a statement today that Sir Douglas Flint will be appointed as a Non-Executive Director and Chairman Designate of the company on November 1, and is expected to succeed Sir Gerry Grimstone as Chairman on January 1 next year.
The news comes after media reports suggested earlier this month that Flint was understood to be among two or three candidates being considered to replace Sir Gerry Grimstone.
“We undertook a rigorous and comprehensive international search to identify Sir Gerry’s successor and we are very pleased that Sir Douglas will join the Board and become its Chairman,” Simon Troughton and Melanie Gee, Co-Chairs of the Appointments Committee, commented in the statement.
Analysts on blue-chip asset manager
Berenberg Bank, which rates Standard Life Aberdeen as an ‘outperform,’ lowered its price target on the shares from 380p to 350p this month. According to MarketBeat, the blue-chip group currently has a consensus ‘buy’ rating and an average price target of 427.85p.