London-based digital bank Revolut is reportedly going to appoint Martin Gilbert, a former Chief Executive Officer (CEO) as its first-ever chairman, showing that the modern and disruptive banking company is willing to bring traditional finance and institutional expertise into the mix.
The appointment of Gilbert is part of the firm’s efforts to strengthen its governance and improve investor sentiment ahead of its upcoming fundraising, according to a report from the Financial Times.
Gilbert to join Revolut in the coming weeks
Citing two sources familiar with the matter, the news outlet reported that Gilbert would be added to the digital bank’s board in the next few weeks, without giving a specific date.
As Finance Magnates reported, Gilbert was first confirmed as an advisor to Revolut’s CEO Nikolay Storonsky earlier this year.
Gilbert has had a long career in the finance space, commencing back in the 80s, according to his LinkedIn. Most recently, he was serving as the vice-chairman of Standard Life Aberdeen and chairman of Aberdeen Standard Investments.
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Previously, Gilbert was the CEO of Aberdeen Asset Management which he co-founded back in 1983. After operating the firm for several decades in 2017, the company merged with Standard Life, making the combined entity the biggest asset management firm in the UK at the time.
Following the merger, Gilbert was named as the Co-CEO of the combined firm. In March of this year, Gilbert stepped down from the role and instead became the vice-chairman of Standard Life Aberdeen.
According to reports, Gilbert stepped down from his position as the co-CEO structure began to face pressure due to what the firm deemed as continued poor financial performance following the merger.
In the past, Gilbert has been accused of taking on too many positions at the same time. Although he will join Revolut, he will remain as vice-chairman of Standard Life Aberdeen and a senior independent director at Glencore.
Revolut has so far not immediately responded for media requests for comment.