Promotion to CEO after only a year in asset management comes as FTSE 100 group’s shares languish at decade low
When a student podcast asked incoming Schroders chief executive Richard Oldfield about the most important lessons from his career, his answer was unequivocal. “Never, ever put off a difficult decision,” he told the interviewer from the London School of Economics in February.A painful trading update on Tuesday that sent the FTSE 100 asset manager’s shares to a decade low showed that there may be many such decisions ahead of him.
Oldfield, who has described his early years in Barnsley, South Yorkshire, as “humble”, will also inherit Harrison’s pay packet, which earned him more than £50mn during his eight and a half years as CEO. Interviews with more than a dozen of Oldfield’s current and former colleagues and clients paint a much broader CV than that of an average PwC partner. “He’s loud and always up for change and innovation,” said one former partner.
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