Stephen Bird is stepping down as chief executive officer of Abrdn after four years in the role.
The firm has now launched its succession plan which has seen Jason Windsor, current chief financial officer, appointed as interim group CEO.
Bird has been CEO since September 2020 and was previously CEO at Citi, where he had worked for 21 years.
A trading update published today (May 24) said following the transformation of the firm to a "modern and digitally-focused specialist asset and wealth management company" it has been decided, with Bird, it is the right time for him to "hand over the reins to the team he has assembled over the last four years to drive the business forward".
Bird said: "Together with a refreshed leadership team and an incredibly committed group of colleagues at all levels, we have refocused our global Investments business as a specialist asset manager, working to address its cost base and build mutually beneficial linkages with our wealth businesses.
"Abrdn's position in the UK wealth market has been transformed through the acquisition of Interactive Investor together with investment in our adviser business; these are essential moves as the ongoing democratisation of savings responsibilities reinforces the demand for simple and cost-effective platform solutions to support individuals as they address their long-term financial needs."
He added he leaves the company well positioned with greater diversification of revenue and a strong capital position.
Sir Douglas Flint, chairman of Abrdn, said: "[Bird] 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.
"Adapting the inherited business model to be capable of generating sustainable and profitable growth required strategic vision, intense hard work and the courage to make tough but necessary decisions.
"While this was underway, Stephen took time to assemble the talent needed to execute successfully on his strategic vision and he passes on to them, with confidence, the responsibility to execute the next stage of our transformation."
Bird will be on garden leave for six months from July 1, during this period he will remain available to support the transition and will receive his salary and contractual benefits as usual.
At the beginning of the year, Bird announced a shake-up of the business with plans to make £120mn of cuts to the asset management division of the company, as part of a cost reduction programme which resulted in job losses.
Abrdn announced plans to cut costs by £150mn overall, with 80 per cent, or £120mn, of those cuts designed to "benefit" the investments division, which includes the asset management arm.
The £150mn of cost cuts involved cutting 500 jobs, including what the company called removing layers of management and outsourcing more technology.
tara.o'connor@ft.com
