Standard Life and Aberdeen have clarified the co-chief executive roles following the shock news of their merger earlier this month.
In a joint stock exchange announcement earlier this month it was revealed that Standard Life chief executive Keith Skeoch (pictured right) and Aberdeen boss Martin Gilbert (left) would serve as joint chief executives of the combined group.
A further announcement issued by Standard Life today shed light on how the pair will split responsibilities.
Skeoch will be responsible for the day to day running of the combined businesses. This includes running the pension and saving business in the UK, as well as the asset management business. It will also involve looking at the regulatory culture of the merged company.
Gilbert will be responsible for external matters, including distribution and marketing.
The combined company will also establish a chairman's committee after the deal is completed to ensure the company is co-ordinated. It will be led by Standard Life chairman Gerry Grimstone, and Aberdeen chairman Simon Troughton will be his deputy. Skeoch and Gilbert will also sit on the committee.
'I am delighted that we have announced these clear accountabilities for the co-chief executives in the combined business,' Grimstone said.
'Both boards have thought carefully about the key responsibilities and believe that the proposals play well to Keith’s and Martin’s respective leadership strengths. This blend of complementary skills and experience will serve the company well.'
Standard Life's statement also set out seven key areas the new business will look at:
- Putting investments at the heart of the combined business
- Focusing on long-term client needs
- Diversifying across geographies, asset classes and client and customer channels
- Distributing through a combination of wholly owned businesses, joint ventures and strategic alliances
- Co-ordinating and effectively operating across all distribution channels
- Reducing costs and realising further efficiencies through simplification, and
- Delivering on the integration objectives, including the targeted synergies.
The companies will make further announcements about the executive team following the merger at a later date.