Schroders has announced the appointment of Richard Oldfield as Group CEO, succeeding Peter Harrison, effective November 8, 2024, subject to regulatory approval. According to the firm, this announcement follows an orderly and thorough succession process that began in April and included a global search, with both internal and external candidates. The process was led by the Chair of the Board, supported by a Board Subcommittee, our Senior Independent Director, and a leading search firm. Peter Harrison will remain Group CEO until November 8, 2024, after which he will step down from the Board and continue working with Richard until the end of the year.
Until now, Oldfield served as Chief Financial Officer at Schroders, bringing with him extensive experience. He spent 30 years at PwC, where he held senior roles, including Vice Chairman of the firm and Global Markets Leader. Reporting to the Global Chairman, he was responsible for increasing profitability across PwC’s business lines while advising global clients on their most complex matters. “Since joining Schroders, Richard’s contribution has been significant, bringing a fresh perspective on capital management, driving new initiatives such as the inaugural bond issuance earlier this year, and integrating commercial discipline across the Group,” the company noted.
Dame Elizabeth Corley, Chair of Schroders’ Board, stated: “Richard has demonstrated his natural ability to lead client- and people-focused businesses. He has a global outlook, a strategic growth mindset, and a proven track record of leadership. The Board unanimously determined that Richard was the most suitable candidate.”
Corley explained, “It was clear that his strong business vision would drive decisive transformation at an accelerated pace, and we are confident that he will advance our strategic priorities, enabling Schroders to continue growing and serving clients. His personal values are closely aligned with Schroders’ culture; he is authentic, sincere in his approach, passionate about clients, and committed to nurturing talent.”
Meanwhile, Peter has shown strong leadership and unwavering commitment, leading the business through a remarkable transformation over the past eight years. He has successfully expanded our capabilities in both private and public markets, overseeing sustained growth in our Wealth business and more than doubling assets under management to a record £773.7 billion. It has been a true pleasure working with Peter, and I would like to thank him, both personally and on behalf of the Board, for his exceptional service.”
For his part, Richard Oldfield said, “It is an honor to have been chosen as the next Group CEO of Schroders. Since joining, I have seen what a great company Schroders is. We are known for our long-term approach, meeting client needs, and delivering excellent investment returns. Despite the challenges facing the industry, I know we have the capabilities and the people to seize the right opportunities to grow our business and be one of the world’s leading wealth creators. I am eager to get started.”
“Schroders will always hold a central place in my life as I began my career here straight out of university. I am very proud of what we have achieved, and I feel a great affinity with the wonderful people working at the firm. When we hired Richard, I was impressed by his vast experience in managing and growing businesses, as well as his client-centric approach. He has brought fresh ideas during his first year, and I am confident he will continue to drive the business forward,” concluded Peter Harrison, the current CEO.
