Schroders plc appoints Richard Oldfield as Group Chief Executive

Tuesday 10^th September, 2024

Schroders plc today announces that Richard Oldfield has been appointed as Group Chief Executive, succeeding Peter Harrison, with effect from 8 November 2024, subject to regulatory approval.

In his 30 years at PwC, one of the largest professional services networks in the world, Richard held senior roles including Network Vice Chairman and Global Markets Leader. Reporting to the Global Chair, he was responsible for building teams to grow PwC's client-facing businesses profitably, whilst advising global clients on their most complex and challenging issues.

Since joining Schroders as Chief Financial Officer, Richard 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.

Dame Elizabeth Corley, Chair of Schroders plc, 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.

Peter has demonstrated strong leadership and unwavering commitment, leading the business through a remarkable transformation over the last 8 years. He has successfully built out our private and public markets capabilities, overseeing sustained growth in our Wealth business, and more than doubling assets under management to a record £773.7 billion.

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."

Richard 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, Group Chief Executive, said:

"Schroders will always be central to my life, having started my career as a graduate here. 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." 

Today's announcement follows an orderly and comprehensive succession process, which began in April and involved a global search, including internal and external candidates. The process was led by the Chair, with the support of a Board Sub-Committee, our Senior Independent Director and a leading search firm.

Peter Harrison will remain as Group Chief Executive until 8 November 2024, at which point he will step down from the Board. He will continue to work with Richard until the end of the year.

Richard joined Schroders in 2023, having previously been at PwC as Network Vice Chairman and Global Markets Leader. Richard had responsibility for all lines of service, major client and industry programmes, building and leading teams across multiple countries to drive financial performance, client portfolio optimisation and ensuring delivery of strategic projects.  Richard was also on PwC's UK Executive Board for five years during which time he was Head of Clients and Markets and latterly Head of Strategy and Communications. 

As Schroders' Chief Financial Officer, Richard has responsibility for firm-wide operations along with direct responsibility for financial management, risk management, technology, capital and treasury. A further announcement on the appointment of a successor CFO will be made in due course.

There is no further information to disclose under UKLR 6.4.8R

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Supplementary information 

Richard Oldfield

With consideration for Mr Oldfield's qualifications, experience and appointment into the same role as Mr Harrison, the Remuneration Committee decided to set his annual salary at the same level of £500,000. He will continue to be eligible to participate in retirement and wider benefits in accordance with the terms of the 2023 Directors' Remuneration Policy, as well as the same annual total remuneration cap applicable to Mr Harrison's role.  Upon accepting the proposal, Mr Oldfield requested that his increase in base salary be deferred until 1 March 2025, in line with the effective date of salary changes for our wider employees, and that his existing total remuneration cap continue to apply for the remainder of 2024, thereby lowering his potential annual bonus outcome for this year.  

Mr Oldfield is eligible to be considered for an annual bonus award and grant under the long-term incentive plan subject to the total compensation cap. Awards for 2024 will be determined by the Remuneration Committee with reference to the performance of the Company and personal performance, in accordance with the terms of our approved Directors' Remuneration Policy and disclosed in the 2024 Annual Report and Accounts. The Remuneration Committee will review arrangements to apply for 2025 over the coming months.  

Peter Harrison

Per the terms of the Directors' Remuneration Policy, Mr Harrison will continue to receive his annual salary of £500,000 plus existing retirement and wider benefits through to his departure date of 31 December 2024 and will receive payment in lieu of notice of £92,949 for the portion of his notice period remaining at that point. Certain benefits (for example medical or life insurance) will continue until the end of the normal cover period.   

Mr Harrison will be eligible to be considered for an annual bonus award for his performance as an executive Director through 8 November 2024 with the total compensation cap of £9,000,000 pro-rated to reflect the period served as an Executive Director. Per the terms of the Directors' Remuneration Policy, a proportion of the bonus award may be deferred into an award over shares. Mr Harrison will also be eligible to be considered for an annual incentive award for the period between stepping down as an Executive Director and his departure date based on his continued contribution to the firm's strategic priorities and an effective transition of responsibilities, with any award to be disclosed in the 2024 Annual Report and Accounts. Mr Harrison will not be eligible for the grant of the 2025 long-term incentive award.   

Deferred bonus awards previously granted to Mr Harrison will continue to vest based on the terms and conditions under which they were granted, and his 2022, 2023 and 2024 long-term incentive award grants will be pro-rated for the time elapsed with the firm during the performance period. Final vesting of the long-term incentive awards will be determined by the Remuneration Committee at the conclusion of the performance period upon assessment of the achievement of the conditions set out in each award's scorecard.  Awards will vest subject to time pro-rating to the end of Mr Harrison's employment, with vesting outcomes to be disclosed in future Annual Report and Accounts. Mr Harrison waived entitlement to his 2021 long-term incentive award. 

Mr Harrison will continue to comply with Schroders' minimum shareholding requirements and, after the end of his employment, will comply with the post-cessation shareholding requirements.

Mr Harrison will be entitled to a capped contribution to legal fees of £36,000 (plus VAT).

The above information is provided in compliance with section 430(2B) of the Companies Act 2006.

Schroders plc

Schroders is a global investment manager which provides active asset management, wealth management and investment solutions, with £773.7 billion (€912.6 billion; $978.1 billion) of assets under management at 30 June 2024. As a UK listed FTSE100 company, Schroders has a market capitalisation of circa £5.5 billion and over 6,000 employees across 38 locations. Established in 1804, Schroders remains true to its roots as a family-founded business. The Schroder family continues to be a significant shareholder, holding approximately 44% of the issued share capital.

Schroders' success can be attributed to its diversified business model, spanning different asset classes, client types and geographies. The company offers innovative products and solutions through four core business divisions: Public Markets, Solutions, Wealth Management, and Schroders Capital, which focuses on private markets, including private equity, renewable infrastructure investing, private debt & credit alternatives, and real estate.

Schroders aims to provide excellent investment performance to clients through active management. This means directing capital towards resilient businesses with sustainable business models, consistently with the investment goals of its clients. Schroders serves a diverse client base that includes pension schemes, insurance companies, sovereign wealth funds, endowments, foundations, high net worth individuals, family offices, as well as end clients through partnerships with distributors, financial advisers, and online platforms.