Schroders finance chief to take over CEO role

(Sharecast News) - Schroders announced the appointment of Richard Oldfield as its new group chief executive on Tuesday, effective from 8 November, pending regulatory approval. The FTSE 100 firm said Oldfield would take over from Peter Harrison, who had held the position since 2016.

It said Oldfield would bring a wealth of experience from his 30-year career at PwC, where he held senior roles such as network vice-chairman and global markets leader.

In those positions, he was responsible for building profitable client-facing teams and advising on complex global business challenges.

Since joining Schroders as its chief financial officer, the board said Oldfield had made an impact, particularly in the areas of capital management and business discipline.

He introduced several key initiatives, including the company's first bond issue earlier this year.

"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," said outgoing CEO Peter Harrison.

"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."

At 0811 BST, shares in Schroders were down 0.12% at 337p.

Reporting by Josh White for Sharecast.com.