Abrdn chief Stephen Bird steps down after overseeing vowel-free rebrand

24 May 2024 , 09:32

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The boss of investment group Abrdn is stepping down after four years in the role (Image: No credit)

Abrdn chief executive, Stephen Bird, is set to resign after almost four years at the helm of the investment group, the company has confirmed.

He will step aside after agreeing with its board that it is the right time for a refreshed leadership, it revealed. Following significant strategic changes at Abrdn, the hunt for Bird's successor has been announced by the firm.

Acting as temporary replacement will be Jason Windsor, currently the finance chief at Abrdn. The departure of the CEO comes amid a turbulent time for the wealth specialist and fund manager, which had initiated major cost-cutting measures this year.

As part of an extensive overhaul aiming to save up to £150million, around 500 jobs are to be cut by the firm. However, the company has managed to reduce its pre-tax losses from £612million to just £6million within the last year.

Upon transforming into a more modern and digital-focused operation, Abrdn announced the leadership shake-up. Sir Douglas Flint, chairman at Abrdn, has said Bird demonstrated "courage to make tough but necessary decisions", enhancing the company's profitability.

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He said "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."

Mr Bird said: "I am immensely proud of the work we have done together to simplify Abrdn and position the company for sustainable growth." He also said that leading Abrdn during a particularly tough period in the industry had been a "privilege to lead Abrdn through an intensely challenging time in our industry".

The Edinburgh-based investment firm, formerly known as Standard Life Aberdeen, faced both criticism and ridicule from City analysts and media after renaming itself in 2021. At the time, Mr Bird stood by the decision, asserting that their clients had "fully embraced" the new name.

Last month, the group's investment chief claimed that Abrdn had been subjected to "corporate bullying" by the media, criticizing the companys decision to drop vowels from its name.

Lawrence Matheson