Schroders plc (LON:SDR) has announced 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.
