Standard Life Aberdeen (SLA), an investment giant, has ended its search for a new chairman after hiring Sir Douglas Flint, one of the heavyweights of the industry.
Flint was the former finance chief of HSBC. He is set to succeed Sir Gerry Grimstone at the beginning of next year. Grimstone will be stepping down from the Scottish asset manager after 11 years.
The insurer and asset manager disclosed that Flint will be appointed as a non-executive director and chairman designate on the 1st of November.
Flint is a Scottish-born former accountant. In 2017, he was appointed as the Treasury’s special envoy for China’s Belt and Road initiative.
According to some sources who are familiar with the SLA board’s thinking, a senior non-executive director at the group, Kevin Parry, was also one of the early favourites.
Melanie Gee and Simon Troughton, the co-chairs of the appointments committee of SLA, said that the record of Sir Douglas as a chairman, together with his international experience made him an ideal candidate to help in expanding the business globally.
In a statement, the duo stated: “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.”
They added: “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.”
Sir Gerry Grimstone, the outgoing chairman, stated: “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. It is a fine company with the most brilliant employees all committed to serving our customers and clients. They all have my very best wishes for the future.”
At the start of the year, SLA said that Grimstone would be standing down as chairman by no later than the end of next year.