Schroders plc (“Schroders” or “the Company”) announces that after a long and distinguished career, Richard Keers has decided to retire. Richard Oldfield will succeed Richard Keers as both Chief Financial Officer and as a Director of the Company on 2 October 2023. Mr Keers will leave Schroders on 31 December 2023.
Richard Oldfield is currently Vice Chairman and Global Markets Leader at PricewaterhouseCoopers (PwC) leading all market-facing activities, initiatives, and strategy. At Schroders, he will have responsibility for firm-wide operations along with direct responsibility for financial management, risk management, technology, capital and treasury. Prior to his current role, Mr Oldfield was a member of PwC’s UK Executive Board for five years during which he was Head of Clients and Markets and latterly Head of Strategy and Communications. He also led the UK firm’s Banking and Capital Markets Assurance practice and was part of the Assurance Leadership team.
Peter Harrison, Group Chief Executive, said: “Richard Keers has been an exceptional CFO and partner to me and I would like to thank him for all he has achieved at Schroders over the last decade, a period of robust growth and strong momentum across the business. I am delighted that Richard Oldfield is joining the firm and believe that his global perspective and his experience in advising large multinational financial services organisations will help us to continue to deliver our strategy.”
Elizabeth Corley, Chair of Schroders, said: “On behalf of the Board, I would like to thank Richard Keers for his very significant contribution to Schroders. We look forward to welcoming Richard Oldfield to the Board in October. He brings a deep capability in leading an international business, combined with the technical and strategic capabilities to take on this role.”
Richard Keers, CFO, said: “It has been an incredible journey to be part of Schroders over the past ten years. I am immensely proud of our success and achievements. I am confident that Schroders is poised for even greater success in the years ahead. I will cherish the memories and relationships forged during my time here.”
Richard Oldfield said: “It’s a privilege to be joining Schroders in October. I am excited to work alongside Peter and the management team to drive forward the strategic agenda.”
Mr Oldfield’s appointment is subject to the usual regulatory approvals. There is no further information to disclose under LR 9.6.13.
Supplementary information
All payments to Mr Keers and Mr Oldfield will be in accordance with the Company’s Remuneration Policy, which will be put to shareholders for approval at the Annual General Meeting on 27 April 2023.
Richard Keers
Mr Keers will continue to receive his annual salary of £375,000 plus existing retirement and wider benefits through to his departure date of 31 December 2023. Certain benefits (for example medical or life insurance) will continue until the end of the normal cover period. Mr Keers will be eligible to be considered for an annual bonus award for his performance as an executive Director through to 2 October 2023 pro-rated to reflect the period served as an executive Director. Mr Keers will also be eligible to be considered for a bonus 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 2023 Annual Report and Accounts. Deferred bonus awards previously granted to Mr Keers will continue to vest based on the terms and conditions under which they were granted. Mr Keers will not be eligible for the grant of the 2024 long-term incentive award, and his 2022 and 2023 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 Group Remuneration Committee at the conclusion of the performance period upon assessment of the achievement of the conditions set out in each award’s scorecard. Mr Keers waived his entitlement to his 2020 and 2021 long-term incentive awards.
The above information is provided in compliance with section 430(2B) of the Companies Act 2006.
Richard Oldfield
With consideration for Mr Oldfield’s qualifications, experience and appointment into the same role as Mr Keers, the Board decided to set his annual salary at the same level of £375,000. He will be eligible to participate in benefits in accordance with the terms of the 2023 Directors’ Remuneration Policy, as well as the same annual total remuneration cap applicable to Mr Keers’s role.