Michael Dobson, Chief Executive since 2001, will step down from the role and be succeeded by Peter Harrison on 4 April 2016. Peter Harrison joined Schroders in 2013 as Head of Equities, becoming a Board member and Head of Investment in 2014.
He has had a long and successful career in asset management and has a deep knowledge of Schroders’ culture and values, having joined the firm as a graduate in 1988, re-joining Schroders in 2013. Andrew Beeson, who has been Chairman for the last four years and a member of the Board since 2004, will retire from the Board on 4 April 2016. The Board is pleased to announce that Michael Dobson will become non-executive Chairman, effective 4 April 2016. The Board is mindful of the UK Corporate Governance Code’s provisions and believes these appointments are in the best interests of the company and its shareholders. Succession planning has been a long-term priority for the Board and these appointments have been made after careful consideration and in consultation with major shareholders. The Chairman has written to all shareholders to explain the reasons behind these decisions and a copy of the letter is part of this release, together with a statement from Lord Howard, the Senior Independent Director, who led the selection process for the new Chairman. Massimo Tosato, Executive Vice Chairman and Global Head of Distribution, will retire as a Director of the Company and leave the firm on 31 December 2016. He joined Schroders in Milan in 1995 before relocating to London in 1999, was appointed to the Board in 2001 and has held a number of senior positions within the firm. Ashley Almanza, who joined the Board in 2011 as a non-executive Director and is currently Chairman of the Audit and Risk Committee, has informed the Board that due to his commitments as Chief Executive of G4S plc, he will not seek re-election and will leave the Board at the forthcoming Annual General Meeting (AGM) on 28 April. Rhian Davies will become Chairman of the Audit and Risk Committee at the conclusion of the AGM.
Lord Howard, the Senior Independent Director, said: “We are delighted that Peter Harrison will succeed Michael as Chief Executive. Peter has great experience of the investment industry and a deep knowledge of the firm, its culture and values. Michael Dobson is the outstanding candidate for the Chairman role and the Board’s unanimous choice. Michael has been an exceptional leader of the business for over 14 years. During that time, profits have reached a record level in excess of £600 million, assets under management have tripled and significant value has been created for shareholders. Schroders has built a highly diversified business with an exceptional pool of talent, and the firm is well placed for the future. Michael will be involved in supporting the firm’s relationships with its major clients, shareholders, strategic and commercial partners and regulators. On behalf of the Board, I would like to thank Andrew Beeson for his significant contribution to Schroders over the past decade including the past four years as Chairman. We wish him the very best for the future. Although he will not be retiring from the firm until the end of this year, I would also like to take the opportunity to recognise the enormous contribution Massimo Tosato has made to the firm over 21 years as head of our highly successful global distribution business working closely with Michael Dobson as a Director of the Company for over 14 years. He will leave to pursue his entrepreneurial ambitions with our very best wishes.”
Andrew Beeson said: “It has been a privilege to serve on the Board of Schroders for over 11 years. As I look back on my time at the company I believe it has never been in a stronger position than it is today. Michael and Peter will make a formidable team and the firm could not be in more capable hands. I would like to thank Ashley for his contribution to the Board and in particular as Chairman of the Audit and Risk Committee. The appointment of Rhian Davies last year anticipated the need to have a successor for Ashley as he had indicated his executive commitments might prevent him from committing to Schroders in the longer term. As Chairman, Michael Dobson will be reviewing the composition of the Board and will lead the search for new non-executive Directors.”
Ashley Almanza said: “I have enjoyed my time as a Director of Schroders. It is a company I admire greatly. I am fully supportive of the changes announced today and I wish Peter and Michael every success in their new roles.”