Standard Life Aberdeen Plc (SLA) is ready for its board chair’s departure come 2019.
Sir Gerry Grimstone, who is stepping down on January 01, will be succeeded by HSBC Holdings Plc veteran Sir Douglas Flint. Starting November 2018, the latter will join SLA as non-executive director and chairman designate.
“I’m delighted to have been asked to lead the board of Standard Life Aberdeen at this important time in its development,” commented the incoming chair. “I look forward to working with my fellow directors and the management team over the coming months and years to continue to shape its future success.”
As a non-executive director, Flint will receive a fee of £73,500 per annum. The amount will rise to £475,000 when he succeeds Grimstone next year.
“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,” said Simon Troughton and Melanie Gee, co-chairs of the appointments committee, in a joint statement.
“His passion for our company, his strong track record as chairman, and his international experience make him an ideal candidate to lead the board as we continue to build our global investment business.”
Meanwhile the board thanked Grimstone for his years of “outstanding service and dedication” to both SLA and Standard Life.
The company stalwart, for his part, believes his successor will make an excellent chair of SLA.
“I have had the enormous privilege of serving this company for over 15 years, and been its chairman for over 11 years,” noted Grimstone. “It is a fine company with the most brilliant employees all committed to serving our customers and clients. They all have my very best wishes for the future.”
