Abrdn boss steps down after overseeing vowel-free rebrand

abrdn boss steps down after overseeing vowel-free rebrand

The boss of investment group Abrdn is stepping down after four years in the role (Abrdn/PA)

The boss of investment group Abrdn is stepping down after nearly four years in the role, having led the group through its controversial rebrand, the company has announced.

Stephen Bird will step aside after agreeing with its board that it is the right time for a refreshed leadership, it revealed.

Abrdn said it will start the search process for Mr Bird’s successor following a “significant strategic repositioning” of the firm.

Mr Bird will be replaced by Jason Windsor, Abrdn’s current finance chief, on an interim basis.

The chief executive’s departure follows a more turbulent period for the fund manager and wealth specialist, which kicked off major cost-cutting efforts this year.

It plans to cut around 500 jobs as part of a sweeping overhaul to save the investment firm up to £150 million in costs.

But it managed to shrink its pre-tax losses from £612 million to £6 million in the latest year.

Abrdn said the leadership shake-up follows it becoming a more modern and digitally-focused business.

Sir Douglas Flint, Abrdn’s chairman, said Mr Bird had the “courage to make tough but necessary decisions” to boost the firm’s profitability.

He added: “He joined us as the pandemic took hold and, despite the restrictions this imposed, spearheaded a fundamental reshaping of the company, leading from the front to create a company that can be competitive in a fast-evolving sector.”

Mr Bird said: “I am immensely proud of the work we have done together to simplify Abrdn and position the company for sustainable growth.”

He added that it had been a “privilege to lead Abrdn through an intensely challenging time in our industry”.

The Edinburgh-based investment company changed its name from Standard Life Aberdeen in 2021, prompting criticism and mockery from City analysts and media commentators.

Mr Bird defended the rebrand at the time and said its clients had “fully embraced” the move.

The group’s investment chief last month said Abrdn was the victim of “corporate bullying” in the media due to the response to it scrapping the vowels from its name.

OTHER NEWS

14 minutes ago

Boeing CEO set for Senate grilling on airplane safety as new whistleblower emerges: Live updates

15 minutes ago

Source of E-coli outbreak believed to have been found - so how safe is it to eat food item being linked?

15 minutes ago

2024 Fantasy Football Draft Prep: Miami Dolphins player outlooks, schedule, depth chart and more to know

15 minutes ago

You Can Now Watch Furiosa: A Mad Max Saga At Home

15 minutes ago

Israel's Netanyahu blames Biden for withholding weapons. US officials say that's not the whole story

15 minutes ago

Justin Timberlake arrested: What you need to know about the pop star

15 minutes ago

Hunt’s re-election campaign bankrolled by hedge fund manager who ‘profited from falling pound’ under Liz Truss

15 minutes ago

Nintendo Direct: Here's what's coming, including new 'Legend of Zelda,' 'Metroid Prime'

15 minutes ago

Magnitude of Wealth Created by Carried Interest Structure

15 minutes ago

Michigan, CUNY didn't suitably assess if Israel-Hamas war protests made environment hostile, US says

15 minutes ago

Bridgerton finally gave us queer storylines. Fans aren’t having it.

15 minutes ago

Current mortgage rates as of June 18, 2024

18 minutes ago

Warner Bros Blows Away CineEurope With Fresh ‘Twisters’ Footage, Lights Up New ‘Joker: Folie A Deux’ Trailer

18 minutes ago

Queen Latifah Says Body Image Fears Made Her Doubt Hollywood Career; Credits Oprah Winfrey For Changing Conversation On Obesity — Cannes Lions

18 minutes ago

‘Adventure Time: Fionna And Cake’ Showrunner Adam Muto On Creating The Spin-Off & Making The Scarab To Avoid “Retreading What’s Been Done” In Multiverse Stories

19 minutes ago

Dwellingup wins silver for Top Tiny Tourism Town at 2024 7NEWS Top Tourism Town Awards

19 minutes ago

Judge who locked up baby killer Keli Lane makes extraordinary claim

19 minutes ago

Inflation set to return to 2% target for first time in almost three years

19 minutes ago

Black Caps star makes history at World Cup

19 minutes ago

US stocks widen gap on world as investors plow cash into S&P 500

19 minutes ago

Chhattisgarh: Congress protests violence in Baloda Bazaar, demands CBI inquiry

19 minutes ago

The Fed must 'ignore the politics, focus on getting our job done': John Williams

19 minutes ago

Report: Bayern Munich’s move for Jonathan Tah is on the verge of collapse

19 minutes ago

Apple exec explains why you wouldn't want to run Apple Intelligence on your older iPhone

19 minutes ago

Queen’s LIVE: Tennis scores with Andy Murray in deciding set after Carlos Alcaraz win

19 minutes ago

Pogacar's army: Yates, Almeida, and Ayuso ready for Tour de France with strong UAE team management

19 minutes ago

This hasn’t happened to restaurant spending since the pandemic

19 minutes ago

Raiders training camp report dates revealed

19 minutes ago

Germany wary of 'under pressure' Hungary, says Nagelsmann

19 minutes ago

People call these perfumes 'basic' but I fundamentally disagree—in fact, these 9 smell really luxurious

19 minutes ago

Chiefs star Isaiah Buggs accused of 'dragging the mother of his child down stairs and injuring her' after domestic violence arrest

19 minutes ago

Andy Murray drops fresh retirement hint less than TWO WEEKS before Wimbledon... as three-time Grand Slam winner beats Alexei Popyrin at Queen's in his 1,000th match

19 minutes ago

Video: Tartan Army invasion warms the heart of hosts and even a sobering on-field surrender can't dampen the mood

22 minutes ago

Outdoor maze and twilight markets coming to Mandurah for winter school holidays

22 minutes ago

State Goverment reveals Thomas Dambo’s Giants of Mandurah exhibition a towering success for Peel region

22 minutes ago

Notre Dame staff parking bays to be made available to public outside of teaching hours

22 minutes ago

Scientists calling for protection of Rockingham’s hammerhead sharks similar to whales

23 minutes ago

Is Sha'Carri Richardson running in the 2024 Paris Olympics? Latest on star sprinter

23 minutes ago

FIFA, UEFA oppose Italian plan to oversee club finances, says FIGC chief

23 minutes ago

Jake Paul to fight Bare Knuckle's Mike Perry