Danny McCance 14 Mar 2019 04:23pm

PwC's Bruce new CFO at Standard Life Aberdeen

Stephanie Bruce has been appointed to lead the finance function at the global investment company

Bruce will replace Bill Rattray as CFO who is set to retire on 31 May.

Yesterday the company announced that it would be doing away with its double executive structure, as co-CEO Martin Gilbert will become vice chairman of Standard Life Aberdeen and chairman of Aberdeen Standard Investments, leaving Keith Skeoch to take over as sole CEO.

Bruce has more than 25 years’ experience in financial services. She is currently head of financial services assurance UK at Big four firm PwC and since 2016 has also been head of financial series for the UK regions.

A partner at the firm since 2002 – she joined in 1990 – Bruce was lead audit partner for Standard Life for five years until 2017, following a competitive tender process in which KPMG replaced PwC.

She is a member of the Scottish Financial Enterprise, and of the council and former chair of the Audit Committee for the Institute of Chartered Accountants in Scotland. She qualified as a chartered accountant in 1993.

Douglas Flint, chairman of Aberdeen Standard Life said he was “delighted” with Bruce’s appointment, adding she would bring her “extensive experience” to the role.

Pending regulatory confirmation Bruce will take over from Rattray, who has been with Standard Life for 34 years.

Her appointment will mean that the board – comprised of four executive directors, five non-executives and the chairman – will be made up of four women and six men.

Regarding the other board changes Flint said, "A great deal has been achieved by both Martin and Keith to drive the business forward.”

He added that the company’s “new structure will strengthen our client focus, simplify reporting lines and facilitate robust execution of the next stages of our transition and transformation programmes.”