Asquith takes chair as Aberdeen search continues – Daily Business

Jonathan Asquith will chair Aberdeen on an interim basis

Aberdeen Group has appointed senior independent director Jonathan Asquith as chair as it continues to seek a replacement for Sir Douglas Flint.

Sir Douglas announced his departure at last year’s AGM and questions have been raised as to why it is taking so long to find his successor.

In January, Aberdeen confirmed that he would step down at the conclusion of the board meeting on 28 April which precedes the AGM on the following day.

In an update to the stock market on “governance changes”, the Edinburgh-based FTSE 250 company said the process to select a permanent successor “remains ongoing”.

Mr Asquith will assume the role of chair, and chair of the nomination and governance committees, after the AGM.

He will receive a pro rata fee of £475,000 but will receive no additional director fees in relation to his other roles in the company during the period of his interim appointment.

During the interim period, Hannah Grove, Non-Executive Director, will become chair of the remuneration committee. John Devine, also a non-executive director, will assume the role of senior independent director and rejoin the nomination and governance committee. Mr Asquith will step down as a member of the audit and risk committee.

Mr Asquith’s career in the investment management and wealth industry includes 18 years at Morgan Grenfell. After serving as group finance director, he became Deutsche Morgan Grenfell’s chief financial officer and, later, chief operating officer. From 2002 to 2008, he was a director of Schroders, serving as chief financial officer and, subsequently, executive vice chair

He spent 10 years at 3i Group, stepping down as deputy chair in 2020. He has also been on boards of Citigroup Global Markets, Citibank International, Dexion Capital and AXA Investment Managers. He was also a director at Tilney, Ashmore Group and AXA UK.

He said: “On behalf of the board, I would like to thank Sir Douglas for his exceptional contribution to the company since joining the board in 2018.

“His chairmanship has played a pivotal role in repositioning Aberdeen for success as a leading UK wealth and investments group. On behalf of my colleagues on the board, I wish him all the very best for the future.

“I look forward to continuing to work with Jason and his team to ensure the company doesn’t miss a beat in the execution of its growth strategy.”

Sir Douglas said: “It has been a huge privilege to serve as chair of Aberdeen. In what has been quite a journey, I am really proud of what the board and the executive team with the support of our colleagues have achieved together, including simplifying the group and sharpening our strategic priorities.

“Jason [Windsor, CEO] is leading a first-rate executive team, with a clear strategy aimed at building the UK’s leading wealth and investments group. I would like to thank my Aberdeen colleagues for their commitment and support, and I wish Jonathan, Jason and everyone at Aberdeen continued success.”

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