Schroders has now confirmed that chief financial officer Richard Oldfield (pictured) will the successor to Peter Harrison as the firm’s CEO, according to a stock exchange announcement published today (10 September).
Harrison’s decision to retire next year was announced in April, prompting the global search for a successor, including internal and external candidates. He took on the role in 2016.
Oldfield joined the firm last October after three decades at PwC, where he held a range of senior roles and reported directly to the global chair.
Schroders said that since joining the firm as CEO, Oldfield has “made an immediate and significant contribution, providing a fresh perspective on capital management, driving new initiatives such as the inaugural bond issue earlier this year and embedding commercial discipline across the group”.
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Dame Elizabeth Corley, chair of Schroders, said: “Richard has proven himself to be a natural leader of client focused, people centric businesses. He has a global perspective, a strategic growth mindset and a proven record of leadership.
“The board was unanimous that Richard was the stand-out candidate. It was clear that his strong business acumen will drive purposeful transformation at pace and we are confident that he will develop our strategic priorities, enabling Schroders to continue to grow and serve clients.
“His personal values are closely aligned with the Schroders culture; he is authentic, wholehearted in his approach, passionate about clients and cultivating talent.”
She added that Harrison has led the business through “a remarkable transformation over the last eight years”, more than doubling assets under management to £773.7bn.
“It has been a real pleasure working with Peter and I would like to thank him both personally and on behalf of the board, for his exceptional service.”
Upon his appointment, Oldfield said: “I am honoured to be chosen as the next group chief executive for Schroders. Since joining, I’ve seen what a great company Schroders is. We are known for our long-term focus, meeting the needs of our clients, and for delivering excellent investment performance.
“I know that despite industry challenges, we have the capabilities and people to seize the right opportunities to grow our business and be a leading creator of wealth, globally. I cannot wait to get started.”
Peter Harrison said Schroders will “always be central” to his life, having begun his career at the firm as a graduate.
“I am so proud of what we have achieved and have a huge affinity for the wonderful people who work at the firm.
“When we recruited Richard, I was impressed by his broad experience of running and growing businesses and his client centric approach. He has brought fresh insights during his first year and I am confident that he will continue to propel the business forward.”
