Abrdn PLC (LSE:ABDN) has made interim boss Jason Windsor chief executive on a permanent basis, following a full search including potential external candidates.
Windsor, who was temporarily promoted from his role as group chief financial officer in May when former CEO Stephen Bird departed after a four-year reign that saw the asset management firm’s share price almost halve.
The FTSE 250-listed group said the formal succession process resulted in the board considering a number of candidates.
Windsor was chosen as what chairman Sir Douglas Flint said was "the unanimous choice of the board to lead abrdn in its next phase".
"He has made a huge impression both internally and externally since he joined abrdn, particularly as someone whose actions evidence he cares deeply about our clients and customers and our people. I very much look forward to working with him as our new CEO."
Windsor said he sees "significant headroom in each of our three core businesses, with the potential to generate a step-change in performance for our clients and customers, and for our shareholders.
Ian Jenkins will continue in the role of interim group chief financial officer, with the search for a permanent appointment now beginning.
Abrdn shares swung slightly higher and lower in the morning after the news but not more than 0.5% either way.
Analyst Rae Maile at Panmure Liberum said, "the market should welcome [Windsor's] rather less hubristic approach compared with his predecessor".
He said he agreed with the potential for headroom, mainly in the investments business "where costs are too high for the revenues being generated", and expects confirmation of Windsor's plans in the October quarterly update or at the final results in early 2025.
"More change is definitely needed, but perhaps this time there is a CEO which the workforce can get behind and a greater willingness to take hard decisions."
** Update: Adds price and analyst comment **