The chief executive of Abrdn has stepped down amid a fresh backlash over the money manager’s controversial name change.
Stephen Bird will leave the FTSE 250 investment giant after four years in charge as it undergoes a “significant strategy positioning”.
Abrdn on Friday announced it has begun the process of moving to “fresh leadership”, having completed the first stage of transforming its business to focus more on digital assets.
In an update on the London Stock Exchange on Friday, the company said now was the right time for Mr Bird to “hand over the reins to the team”.
Jason Windsor, Abrdn’s chief financial officer who joined the company last October, will take over as interim group chief executive until the formal search for Mr Bird’s replacement is completed.
The global investment business said this succession plan will include the consideration of external candidates.
Mr Windsor, previously finance chief of Persimmon Homes and Aviva, will continue Abrdn’s transformation plans and work alongside Mr Bird until the end of June to ensure a smooth handover.
Mr Bird’s departure comes after Abrdn faced a fresh backlash over claims that it was suffering from “corporate bullying” because of the decision to drop most of the vowels in its name.
Peter Branner, Abrdn’s chief investment officer, last month accused the media of being “childish” following mockery of the controversial makeover.
Rebranding from Standard Life Aberdeen to Abrdn – pronounced Aberdeen – in 2021 was one of the first major moves under Mr Bird’s leadership.
It was designed to create a “modern, agile, digitally enabled brand” and end confusion after the company sold its Standard Life brand to insurer Phoenix Group in February 2021.
However, the major rebrand has since been ridiculed by the press, which has referred to its chief executive as Stphn Brd and the company as developing a case of “irritable vowel syndrome”.
Sir Douglas Flint, chairman of Abrdn, last month defended the decision and argued that retaining all of its vowels would have weakened the company’s brand recognition.
Speaking at Abrdn’s annual general meeting, he said: “Any internet search would have taken you to Aberdeen Football Club or the city of Aberdeen. You can’t protect the brand that belongs to something like a city.”
The Edinburgh-based company increased assets under management 3pc to £507.7bn during the first three months of 2024, recording net inflows of £800m.
In an update shared on Friday, Abrdn said its current performance shows similar trends to last quarter. The company will announce its first half year results in August.
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