Martin Gilbert, co-founder of fund manager Aberdeen, has stepped down as co-chief executive of merged group Standard Life Aberdeen as the company moves to a single CEO.

Keith Skeoch, currently joint CEO, has been appointed sole chief executive of Standard Life Aberdeen.

In a number of senior changes, Mr Gilbert, 63, will become vice chairman of Standard Life Aberdeen and chairman of Aberdeen Standard Investments. He will continue to be an executive director.

In a statement by the board of Standard Life Aberdeen today the company said there had been good progress since the merger between Standard Life and Aberdeen and a single CEO was “best placed to deliver the strategy agreed by the board.” 

The move will “strengthen our client focus, simplify reporting lines and put in place a structure which will facilitate robust execution of the next stages of our transition and transformation programmes,” the company said.

In his new roles, Mr Gilbert will focus on strategic relationships with key clients, winning new business and exploiting the company’s global network.  Mr Gilbert and Mr Skeoch will continue to report directly to the chairman. 

In other changes, after a career with the group of 34 years, Bill Rattray will retire from the board, in May.  He will be succeeded by Stephanie Bruce who will take up the position of chief financial officer (CFO) and executive director in June, subject to election by shareholders at the AGM on 14 May 2019. Mr Bruce has been a partner in PwC since 2002.

Richard Mully will retire from the board this year at the AGM.  He has been a director of Aberdeen since April 2012.

Sir Douglas Flint, Standard Life Aberdeen chairman, said: "A great deal has been achieved by both Martin and Keith to drive the business forward and leave us well-placed for the future.

“The changes that we have announced today have the unanimous backing of the board. The new structure will strengthen our client focus, simplify reporting lines and facilitate robust execution of the next stages of our transition and transformation programmes.

Following these changes, the board will comprise four executive directors, five non-executive directors and the chairman.  The board will be made up of four women and six men.