Stephen Bird is stepping down as the chief executive of abrdn after a four-year stint trying to revive the fortunes of the struggling asset management house.
A stock exchange statement from abrdn said Bird and the board “have together agreed that it is the right time for Stephen to hand over the reins”. Under Bird, the company has undergone a “significant strategic repositioning” although one of the most notable changes was the rebranding from Standard Life Aberdeen to abrdn.
However, he also restructured underperforming parts of the group – such as its private equity arm and joint venture with Virgin Money – and expanded its wealth management business and bought interactive investor, the UK’s second-largest retail platform.
Bird said: “I am immensely proud of the work we have done together to simplify abrdn and position the company for sustainable growth.
“Together with a refreshed leadership team and an incredibly committed group of colleagues at all levels, we have refocused our global Investments business as a specialist asset manager, working to address its cost base and build mutually beneficial linkages with our wealth businesses.”
Chief financial officer Jason Windsor has been appointed interim chief executive while the board searches for a permanent successor. Windsor joined abrdn in October, having previously been chief financial officer of UK housebuilder Persimmon.
Bird will work alongside Windsor until 30 June in order to ensure a smooth handover.
Douglas Flint, chairman of abrdn, said: “Stephen took time to assemble the talent needed to execute successfully on his strategic vision and he passes on to them, with confidence, the responsibility to execute the next stage of our transformation. We owe him a great debt of gratitude and wish him well in the next phase of his career.”