Standard Life/Aberdeen address concern over co-CEO role

Standard Life/Aberdeen address concern over co-CEO role

Standard Life and Aberdeen have looked to stymie criticism of the combined firm's planned management structure by releasing details on how Martin Gilbert and Keith Skeoch will split responsibilities.

Shareholders have voiced doubts over the plan for Aberdeen's Mr Gilbert and Standard Life's Mr Skeoch to share the chief executive role, one top-20 shareholder telling FTfm this morning (March 20) that the structure "fundamentally won't work".

In a statement released today Standard Life said Mr Skeoch will be charged with day-to-day management and Aberdeen's Mr Gilbert will focus on external activities following the £660bn merger.

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Mr Skeoch will take charge of the investments, pensions and savings business lines, operations, finance, HR and legal and secretariat functions.

Meanwhile Mr Gilbert will manage international operations, distribution and client engagement and marketing.

The firms said further announcements about the executive management structure would be made in due course.

The £11bn merger to create the UK's largest active management house was proposed earlier this month. Aberdeen's share price was on the rise before the deal was revealed, and jumped 6 per cent on the first trading day after the announcement, but has subsequently fallen back to pre-deal levels. Standard Life's share price has also given up all of its post-deal gains.