Edinburgh-based investment giant Abrdn plc has announced the appointment of Jason Windsor as its new chief financial officer (CFO), subject to regulatory approval.
Windsor, 50, has been CFO of Persimmon plc for the past year. Before that he was CFO at Aviva Group.
Windsor, who succeeds Stephanie Bruce, is expected to join the Edinburgh-headquartered company by the end of October 2023.
Abrdn manages and administers £500 billion of assets.
The new CFO will earn a base salary of £675,000 per annum.
On Windsor’s remuneration arrangements, Abrdn added: “All remuneration arrangements for Jason are consistent with the terms of the directors’ remuneration policy approved by shareholders at the company’s AGM in May 2023 …
“A pension allowance of 18% of salary (is) aligned to the maximum contribution available to Abrdn’s UK-based employees and other benefits in line with the directors’ remuneration policy …
“An annual bonus up to a maximum of 150% of salary (is) subject to performance (with 50% of any bonus earned being deferred into Abrdn shares for three years which will vest in three equal annual tranches) …
“An annual long term incentive award of 225% of salary (final vesting % based on stretching financial and shareholder return targets over the three-year performance period and the award is subject to a further two-year holding period) …
“Jason will be required to build a shareholding in Abrdn to the value of 225% of his base salary. At the date of this announcement, he holds no ordinary shares of Abrdn.
“Jason will receive awards to compensate for remuneration he is forfeiting on leaving his current employer …
“These will remain subject to performance conditions where appropriate and reflect the value of the forfeited awards.
“The vesting timeline of the replacement awards will be the same as those which apply to the forfeited awards.
“Details will be disclosed in Abrdn’s directors’ remuneration report for the year ending 31 December 2023.”
On Windsor’s appointment, Abrdn said: “Jason is a highly experienced CFO and brings demonstrated expertise and significant knowledge of our industry from over a decade within the Aviva Group, latterly as group chief financial officer, departing from that role in 2022.
“Prior to taking on that board position in 2019, he served as chief financial officer of its UK Insurance businesses, chief capital & investments officer and a director on the board of Aviva Investors.
“Jason joined Aviva in 2010 after 15 years at Morgan Stanley, latterly as a managing director within its investment banking division advising financial sector clients.”
Abrdn CEO Stephen Bird said: “Jason is a superb addition to our executive team at Abrdn, bringing almost three decades of experience from the UK financial services sector.
“He is a clear thinker who knows our markets and has first-hand knowledge of life as a public company CFO. He can unquestionably help us drive the business to the next level.”
Windsor said: “I am delighted to be joining Abrdn, which is pursuing an exciting customer-centric strategy.
“The financial services sector is undergoing monumental changes with consumers having to take more responsibility for their own finances, there is a huge advice gap, and the asset management industry is in transformation.
“I can’t wait to join the abrdn team and play my part in delivering on the vision.”
Abrdn chair Douglas Flint said: “I am delighted to welcome Jason to the board.
“His detailed knowledge and experience in our sector together with his broader financial markets experience complements existing Board capabilities very positively.
“We are all looking forward to working with him.”