More details of new roles
Skeoch and Gilbert clarify roles in merger
As expected, Mr Skeoch will manage day-to-day executive functions and Mr Gilbert will look after external matters, including international market activity.
They will share responsibility for core aspects of the role such as the executive committee, developing and promoting the combined group’s strategy and objectives, and monitoring operational performance and strategic direction.
Mr Skeoch will have individual accountability for the day to day running of the fabric of the combined business including responsibility for Investments, pensions and savings, the India and China insurance joint ventures, operations, finance, HR, risk and regulatory culture, as well as the legal and secretariat functions.
Mr Gilbert will have individual accountability for external matters including responsibility for international activities, distribution including client engagement and business development, marketing and corporate development.
They will have joint accountability for communications and the post-merger integration programme.
A chairman’s committee will be established to ensure effective co-ordination as the combined group moves forward after completion of the merger. It will be chaired by Sir Gerry Grimstone, with Simon Troughton (deputy chairman of the combined group), Keith Skeoch and Martin Gilbert as its other members.
Both companies expect to make further announcements regarding the composition of the proposed executive management teams of the combined group and senior executive responsibilities in due course.
Sir Gerry said; “I am delighted that we have announced these clear accountabilities for the Co-CEOs in the combined business. Both boards have thought carefully about the key responsibilities and believe that the proposals play well to Keith’s and Martin’s respective leadership strengths. This blend of complementary skills and experience will serve the company well.”