Former Standard Life Aberdeen boss Martin Gilbert is weeks out from being appointed chairman of digital bank Revolut which is aiming to woo investors by enhancing its governance ahead of an upcoming fundraising.
Gilbert (pictured) has been advising the firm’s chief executive Nikolay Storonsky since March this year, around the time he announced he would be stepping down as co-CEO of SLA, leaving Keith Skeoch as the sole boss in charge of the investment firm.
Two sources told the Financial Times that Gilbert’s appointment to the board will be announced in the next few weeks. He would become the digital bank’s first chair.
Gilbert ‘less challenged’ now than he was as SLA boss
Gilbert has been accused of spreading himself too thin by serving on too many boards simultaneously.
He is currently the vice chairman of SLA and senior independent director at Anglo Swiss natural resources company Glencore. He was also recently brought onto the advisory board of Tennor Holding, the holding company of German entrepreneur Lars Windhorst.
Willis Owen head of personal investing Adrian Lowcock said claims Gilbert is “overstretched” are overblown, noting he should have more free time since relinquishing his role as one of SLA’s chief executives.
“Experienced business leaders are often approached to share their expertise and knowledge on company boards and Martin Gilbert is no exception,” said Lowcock.
“With the integration of Aberdeen and Standard Life progressing fairly smoothly Gilbert is possibly not a challenged as he has been at other times. His role at SLA as vice chairman (and chairman of SLA investments) is unlikely to be as time consuming as it was when is was CEO of Aberdeen and negotiating the merger with Standard Life.
“At the stage in his career he has an opportunity to share his expertise with other businesses with such roles only requiring a few days a month or week.”
Revolut revamp
The decision to install Gilbert as chairman comes as Revolut attempts to put accusations of a toxic working culture behind it. Former staffers painted an unflattering portrait of the company earlier this year, complaining of unpaid work, unrealistic targets and high turnover.
Gilbert is one of several City heavyweights the digital bank has brought on board to revamp the business in recent months.
Former HSBC banker Richard Davies was recently roped in to become COO, while Silicon Valley Bank chief operations officer Bruce Wallace and ex-Deloitte partner Caroline Britton joined the board back in March.
It has also reportedly snagged Goldman Sachs veteran Michael Sherwood as a non-executive director.
Revolut has expanded quickly from its humble beginnings as a travel money mobile app in 2015, now boasting some 6 million customers and a full banking licence to operate in the eurozone.
It was valued at $1.7bn (£1.4bn) during its last fundraising and is hoping to raise up to $500m (£398m) in the coming months.
SLA did not respond to Portfolio Adviser’s request for comment.
