CEO Stephen Bird is set to exit Abrdn after a “significant strategic repositioning of the company”, with current chief financial officer Jason Windsor stepping in as interim group CEO.
Bird has been CEO at Abrdn for the past four years, experiencing the company fall out of the FTSE 100 last August. In its full year results for 2023, the company had seen a 35% increase in outflows. Total assets under management fell by near 1%, aided positively by the acquisition of interactive investor.
In Abrdn’s Q1 update at the end of April, the company announced net inflows of £800m and a 3% increase in AUMA.
“It has been a privilege to lead Abrdn through an intensely challenging time in our industry and I am grateful to my colleagues for their support and commitment to serving our clients with distinction,” Bird said.
“I leave the company well positioned, having embedded greater diversification of revenues, retained a strong capital position and, most importantly, developed a refreshed leadership team which is ready and eager to take on the challenge of realising Abrdn’s full potential.”
Windsor joined Abrdn in October 2023 as chief financial officer. He was previously group CFO at Aviva from 2019 to 2022. Abrdn’s announcement stated that Bird would work alongside Windsor until 30 June.
Sir Douglas Flint, chairman of Abrdn, said: “On behalf of the board, I want to thank Stephen for everything he has achieved at Abrdn over the last four years. He joined us as the pandemic took hold and, despite the restrictions this imposed, spearheaded a fundamental reshaping of the company, leading from the front to create a company that can be competitive in a fast-evolving sector.”
The board will conduct a formal search process for the next CEO, which it said will consider outside candidates.
At its annual general meeting in April, climate protestors interrupted the presentation to call for a removal of investment in coal, oil, and gas.
This story first appeared on our sister publication, Portfolio Adviser.
