Edinburgh-based investment giant Abrdn plc announced that former Marks & Spencer co-CEO Katie Bickerstaffe and former Terra Firma CEO Vivek Ahuja have been appointed to its board with effect from October 1, 2024.
They will put themselves forward for election by shareholders at the AGM on May 8, 2025.
On September 10, Abrdn confirmed that Jason Windsor, its former group chief financial officer who became interim group chief executive officer when Stephen Bird departed in May, had been appointed as permanent group chief executive officer.
Abrdn manages and administers more than £500 billion of assets.
Bickerstaffe will join Abrdn’s remuneration committee. Ahuja will become a member of the audit committee and will join the firm as audit committee chair designate.
On appointment as chair of the audit committee, subject to regulatory approval, Ahuja will additionally be appointed to the nomination and governance committee.
Bickerstaffe’s fee as a non-executive director of Abrdn plc will be £73,500 per annum. Her fee as a member of the remuneration committee will be £17,500 per annum.
Ahuja’s fee as a non-executive director of Abrdn plc will be £73,500 per annum. His fees as a member of the audit committee will be £17,500 per committee per annum.
“Katie has held executive leadership roles within several large FTSE listed companies, most recently at Marks & Spencer, from where she retired in July 2024 as Co-CEO,” said Abrdn. “She is a highly regarded retail and consumer business leader with experience grounded through early career spells at Unilever, PepsiCo and Dyson.
“Across her career she has managed a wide range of business transformation challenges and brings extensive expertise on digital business models and executing change programmes, including through M&A. Having overseen M&S Bank, Katie also brings a well-informed perspective on regulated financial services sectors.
“She currently sits on the Board of Barratt Developments and chairs that company’s Remuneration Committee. She is also Senior Independent Director of the England and Wales Cricket Board and will be appointed as Senior Independent Director of Diploma PLC from 1 October 2024.
“Vivek has over thirty years of senior general management experience in international financial services and private equity. In his executive career, he was most recently CEO of Terra Firma, a leading European Private Equity firm and, prior to that, Deputy Group CFO at Standard Chartered plc.
“He is a highly experienced CFO and brings broad commercial and operational experience spanning finance, strategy, business and cultural transformation, risk management and corporate governance.
“Vivek is an experienced Non-Executive Director and currently chairs the Risk Committee at NatWest Markets plc and is the Audit & Risk Committee Chair at PZ Cussons plc. He is due to be appointed as Senior Independent Director at PZ Cussons from 21 November 2024.”
Abrdn chair Douglas Flint said: “I am delighted to welcome Katie and Vivek to our Board.
“Katie is a skilled strategic thinker and operator and we look forward to her bringing a wealth of transformation and change experience to the Board.
“Vivek’s considerable CFO experience at listed financial services companies and straight talking, logical approach will be highly valuable assets during future Board discussions.”
Following these changes, the Abrdn board will comprise one executive director, eight non-executive directors and the chair. The board will be made up of four women and six men.