Abrdn shakes up top team in turnaround push
Abrdn’s new chief executive Jason Windsor has revamped his leadership team today as part of efforts to breathe life into the beleaguered asset manager after years of sluggish performance.
In an statement today, the vowel-stripped FTSE 250 investment house revealed it had promoted its client head, Xavier Meyer, to chief of investments, and Richard Wilson, who previously headed its retail platform Interactive Investor, to chief operating officer.
A new seven-person group operating committee including Meyer, Wilson and the chief financial officer, as well as its business division heads, has also been formed to “simplify decision making and accelerate progress against its strategic priorities”, Abrdn said.
The move marks one of Windsor’s first major shake-ups since he permanently took over the company two months ago. He moved into the role on an interim basis in May after former chief Stephen Bird stepped down from the company.
“These changes are about having the right people in the right roles, sharpening our focus on clients, and strengthening our Investments business,” Windsor said. “By working together, the new leadership team will drive profitable long-term growth that will benefit our shareholders, our clients and our colleagues.”
Meyer and Wilson’s promotions were in recognition of the “strength of their contributions to the organisation thus far”, he added.
Abrdn has weathered a troubling seven years since its creation through the merger of Aberdeen and Standard Life in 2017.
Like its London-listed peers, it has grappled with outflows and faced rising costs and its share price has cratered by 20 per cent in the past 12 months. Shares in the firm slumped some seven per cent in a morning in october after it revealed investors pulled £2.3bn in a morning over the summer.
It has also faced widespread mockery for a disemvowelling rebrand in 2021.
Peter Branner, chief investment officer of its asset management division, accused the media of “corporate bullying” over the rebrand.