Standard Life has said there “are no current plans” for its chairman Gerry Grimstone to leave the Edinburgh-based investment giant despite the news that Grimstone is joining Barclays as its deputy chairman and senior independent director.
Standard Life told Reuters that Grimstone (pictured) will continue as its chairman, a role he has held since 2007, and that “there are no current plans for him to stand down.”
Nonetheless, Grimstone’s move has raised eyebrows in Scottish financial circles and in the City of London.
Grimstone is also an independent non-executive board member of Deloitte LLP and the lead non‑executive at the Ministry of Defence.
Barclays chairman John McFarlane said: “I am delighted that Sir Gerry Grimstone has accepted the board’s invitation to join Barclays and to become deputy chairman and senior independent director. Sir Gerry commands great respect within the financial services industry and will bring immense experience, integrity and knowledge to the role.”
Grimstone said: “I am immensely looking forward to joining the Barclays boards and to playing my part in delivering Barclays’ strategic priorities. I am particularly looking forward to supporting John McFarlane and (new chief executive) Jes Staley as they seek to complete the cultural transformation of Barclays and accelerate the delivery of sustainable shareholder returns.”
Grimstone spent 13 years with Schroders in London, Hong Kong and New York, and was vice chairman of Schroders’ worldwide investment banking activities.
He is also an advisor to the Abu Dhabi Commercial Bank and a member of the governing bodies of the Financial Services Trade and Investment Board and the Shareholder Executive.