UK - David Salisbury, CEO of Schroders, is to resign from the group after a yearlong reign, it was announced today.
His resignation marks the end of a 27-year career with Schroders where he had been head of the asset management business since September 1996, becoming CEO in May last year.
Commenting on Salisbury’s resignation, Peter Sedgwick, chairman, said: “He was one of the driving forces behind the huge growth of Schroders’ asset management business in the 1980s and 1990s, both here and during the time he spent in New York.”
Sedgwick will take on board the CEO responsibilities until a new CEO is appointed.
Salisbury’s departure was announced at the same time Schroders’ interim results for the second half of 2001 were released. Underlying asset management profit fell by 7.4% from £80.1m in the second half of 2000 to £74.2m in the first half of 2001. Funds under management were £122.6bn, compared to £133.6bn during the second half of 2000.
Sedgwick said: “Against a background of tough market conditions, we have made substantial progress in developing our higher growth businesses, have continued to invest in developing our brand and have pressed ahead with many cost-saving initiatives. We are going through a major transition but are confident that the measures we are taking are on track to enhance our competitive position significantly.”
Separately, Schroders has made two new board appointments, those of John Troiano, head of the institutional business, and Massimo Tosato, head of the retail business. They join Nick MacAndrew, chief financial officer, and Andrew Sykes, head of the private banking business, and, under Peter Sedgwick’s chairmanship, will form the group executive committee.
By Janet Du Chenne
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