Schroders has reportedly decided on its next CEO.
CFO Richard Oldfield will be promoted to the top job when outgoing CEO Peter Harrison retires next year, according to a report first published by the Financial Times.
Oldfield spent more than 20 years at PwC, most recently as a partner and global markets leader, before making the move to Schroders last October. He was brought in to replace outgoing CFO Richard Keers.
The hunt for a new CEO was sparked when Harrison announced earlier this year that he intended to step down. In a statement released in April, he said that ‘now is the right time for the board to begin the search for my successor’ and he remains ‘fully committed to the business’ until a successor is found. It is expected that he will remain in the post until 2025.
Harrison began his career as a graduate at Schroders in the 1980s, later rejoining the firm in 2013 after stints at JP Morgan, Deutsche Asset Management and RWC Partners, where he served as CEO.
[See also: Schroders stalwart Clare Anderson appointed global family office head]
Content from our partners
Harrison was appointed CEO of Schroders shortly before the Brexit announcement in April 2016 and has overseen a period of growth as the group more than doubled its assets under management to £774 billion. However its share price has disappointed, with a dip of more than 20 per cent over the same period.
Richard Oldfield is said to have beat out global CIO Johanna Kyrklund and group COO Meagen Burnett for the top job, according to the FT.
Harrison has previously said that finding the right candidate for CEO is ‘as much about someone’s wiring as it is about their abilities and knowledge’.
Schroders, founded in 1804, remains 44 per cent owned by the family.