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Gilbert steps down as Standard Life Aberdeen scraps co-CEO structure


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Gilbert steps down as Standard Life Aberdeen scraps co-CEO structure

Standard Life Aberdeen PLC scrapped its split-CEO structure and appointed Keith Skeoch as sole CEO, effective March 13.

Martin Gilbert, who served as co-CEO with Skeoch and was previously CEO of Aberdeen Asset Management, will become vice chairman of the group and chairman of Aberdeen Standard Investments Ltd. He will also remain an executive director, and both he and Skeoch will report to Chairman Douglas Flint, who took up the role in November 2018.

Standard Life Aberdeen said Gilbert's new role would allow him "to focus solely on our strategic relationships with key clients, winning new business and realizing the potential from our global network and product capabilities."

Bill Rattray is retiring from the group's board and as CFO of Standard Life Aberdeen. Before being appointed CFO in August 2017, Rattray had been Aberdeen Asset Management's finance director since 1991.

Stephanie Bruce will replace Rattray as CFO and as executive director, effective June 1 and subject to election at the group's May 14 annual general meeting. She has been a partner at PwC since 2002 and a member of its assurance executive since 2016, leading the financial services practice in the U.K.

In addition, Richard Mully is retiring from the group's board at the end of the AGM; he had been a director of Aberdeen Asset Management since 2012.

Gilbert has also been named an adviser to troubled financial technology firm Revolut Ltd. in light of its compliance woes.