The U.K. asset manager Schroders has confirmed what has been rumoured for days in the City. The current CEO has lost a powergame and steps down. At least he becomes a non-executive Chairman.
Michael Dobson will step down as chief executive after more than 14 years running Europe’s second-biggest listed investment group Schroders, according to information by Schroders on Thursday.
The 63-year-old Dobson will be succeeded by Peter Harrison, the current Head of Investment, who had been widely tipped as Dobson’s heir since he was appointed to the Schroders board in 2014. Dobson will become non-executive Chairman, effective from April 4 2016.
Agitating for the Top-Job
According to those close to the situation, Mr Harrison had been agitating for the top job since he rejoined Schroders in 2013, writes the «Financial Times» (paywall). According to the newspaper a fund manager at Schroders, who requested anonymity, said: «Pressure came to bear on Michael Dobson from Peter Harrison, who I think would have left if Michael Dobson had not agreed to step aside. There was an unwritten agreement between Peter and Michael that Peter would take over two years after he joined the company. That was three years ago now.
The 49-year-old Harrison began his career at Schroders in 1988, he left the company and rejoined Schroders in 2013 from RWC Partners.
