Abrdn finance chief Jason Windsor to replace Stephen Bird as CEO, Financial Times reports
Adds Abrdn statement, paragraph 3, background, paragraphs 6-8
Aug 3 (Reuters) -Abrdn ABDN.L finance chief Jason Windsor is the front-runner to become the next chief executive of the British fund manager following the departure of Stephen Bird, the Financial Times reported on Saturday.
Windsor could be formally elevated to the top job assoon as Tuesday when the company reports half-year results, the newspaper reported, citing two sources close to the process.
"No decision has been made on the appointment of a new CEO. When a decision is taken by the board, we will update the market in line with regulatory requirements," the company told Reuters in a statement.
Bird stepped down in May after a turbulent four-year tenure marked by deep outflows of client cash and a much-criticised rebranding.
Windsor took over as interim chief executive while the company looked fora permanent CEO.
The company has struggled to turn around its fortunes after years of clients pulling cash, with its difficulties were underscored last year when it tumbled out of Britain's blue-chip FTSE 100 index.
Bird tried to revive the business by shedding jobs, reducing its range of funds and expanding into mass-market investing through the takeover of the online platform interactive investor in 2022.
Bird was reported to have pitched to the board the possibility of selling Abrdn's underperforming investments arm in recent years. When questioned on the matter in January, he told reporters the company had tested every scenario but was focused on keeping and restoring that business.
Reporting by Nilutpal Timsina in Bengaluru; Editing by Alexandra Hudson and Giles Elgood
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
