Standard Life overhaul sees investor relations boss leave
STANDARD Life’s head of investor relations has left the company after a shake-up of the insurer’s operations led to his position being axed.
Gordon Aitken, a former sell-side analyst with JPMorgan and Credit Suisse First Boston, departed a fortnight ago. Under the terms of a group-wide review ordered by chief executive David Nish, Aitken will not be replaced. Instead, finance director Jackie Hunt will increase her contact with analysts and shareholders, supported by Standard Life’s three-strong investor relations team.
A spokesperson said Aitken was one of several senior managers to exit the FTSE 100 firm as part of the restructuring of its business. Nish, who became head of Standard Life in January, wanted to make sure its various units were “fit for purpose”, the spokesperson said.
But industry insiders said they were surprised to see Aitken leave at a time when the company is trading at nearly a 40 per cent discount to 2010 embedded value. One said: “If you’re trying to get good news out there, this is a funny way to go about it.” Aitken joined Standard Life in summer 2006 and saw it through its demutualisation and flotation.