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Abrdn announces departure of chief executive Stephen Bird

Investing.com -- Abrdn PLC (LON:ABDN) has announced that Stephen Bird, its chief executive who oversaw a controversial rebranding of the investment group from Standard Life Aberdeen, has stepped down.

The announcement comes after a tumultuous four-year tenure which saw not only the much-criticized renaming of the company in 2021, but also client outflows stemming from increased competition posed by low-cost index trackers and other investment options.

In a statement, abrdn said current Group Chief Financial Officer Jason Windsor has been appointed interim CEO.

Bird begins a 12-month notice period on Friday and is due to go on gardening leave from July 1 until the end of the year, according to abrdn. He will remain available to support the transition during that time, the firm added.

Abrdn credited Bird with guiding the business through a "significant strategic repositioning."

"[T]he Board and Group CEO, Stephen Bird, have together agreed that it is the right time for Stephen to hand over the reins to the team he has assembled over the last four years to drive the business forward," abrdn said.

London-listed shares in abrdn were hovering just below the flatline by 05:30 ET (09:30 GMT) on Friday, paring back earlier gains.

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