Edinburgh-based investment giant Standard Life Aberdeen plc on Tuesday confirmed recent speculation that former HSBC chairman Douglas Jardine Flint will succeed Gerry Grimstone as the firm’s chairman.
Flint, a Glaswegian, will be appointed as a non-executive director and chairman designate of the company on November 1, 2018.
The firm said Flint’s “fee” as a non-executive director will be £73,500 per annum. When he succeeds Grimstone, his fee will be £475,000.
“The board intends that Sir Douglas will succeed Sir Gerry Grimstone as chairman on 1 January 2019 and Sir Gerry will stand down from the board at that time …” said Standard Life Aberdeen.
“To ensure a smooth transition and to support the new chairman, Sir Gerry will remain in an advisory position with the company for his six-month notice period after he has stepped down from the board.
“During this time, he will be available to advise the new chairman and the co-chief executives and serve as the company’s representative on the boards of Heng-An Standard Life Insurance Company Limited and HDFC Standard Life Insurance Company Limited.”
Simon Troughton and Melanie Gee, co-chairs of the appointments committee at Standard Life Aberdeen, said: “We undertook a rigorous and comprehensive international search to identify Sir Gerry’s successor and we are very pleased that Sir Douglas will join the board and become its chairman.
“His passion for our company, his strong track record as chairman and his international experience make him an ideal candidate to lead the board as we continue to build our global investment business.”
The Standard Life Aberdeen board added: “We would like to thank Sir Gerry for his years of outstanding service and dedication to both Standard Life and Standard Life Aberdeen.
“Sir Gerry has been a director since 2003, and has steered the business through periods of significant challenge and change.
“His wise counsel and chairmanship has played a pivotal role in our success over this period and he will leave a long-lasting and very positive impact on our business.”
Grimstone said: “Douglas will make an excellent chairman of Standard Life Aberdeen.
“I have had the enormous privilege of serving this company for over 15 years, and been its chairman for over 11 years. “
Flint said: “I’m delighted to have been asked to lead the board of Standard Life Aberdeen at this important time in its development.
“I look forward to working with my fellow directors and the management team over the coming months and years to continue to shape its future success.”
Following Flint’s appointment, the firm’s board will comprise four executive directors, ten non-executive directors and the chairman, and will be made up of three women and twelve men.