Man Group appoints Robyn Grew as next CEO as Luke Ellis announces retirement
London, 11 May 2023
Man Group, the global, technology-empowered active investment management firm, today announces that Luke Ellis has informed the Board of his decision to retire and that Robyn Grew will be appointed as the next CEO of Man Group.
Robyn is currently President of Man Group and a member of the Senior Executive Committee, based in the US. She has significant operational and financial services experience as well as a strong track record of demonstrating strategic vision and leadership. During her 14 years at Man Group, Robyn has managed the solutions business, overseen trading and execution as well as acted as Group COO, Head of ESG and General Counsel. Her wide-ranging responsibilities, spanning from investment divisions, risk and technology to legal, infrastructure and operations, have provided her with broad experience and a deep understanding of the business. She has been integral to the firm’s global strategic expansion and oversaw the reorganisation of Man Group’s corporate structure in 2019 to better align it with the global footprint of the business. She has also spearheaded the firm’s diversity programme, Drive.
Before joining the firm in 2009, Robyn held senior positions at investment banks Barclays Capital and Lehman Brothers as well as at LIFFE, the largest futures and options exchange in London – since renamed the ICE Futures Europe. These roles saw her based for periods of time in New York, London and Tokyo giving her broad, global experience.
Robyn will take over from Luke as CEO as of 1 September 2023, at which time she will also join the Man Group Board as an executive director. While she will relocate to the UK following her appointment, she will continue to spend a substantial proportion of her time in the US, given the firm’s presence there. Luke will continue as CEO and remain an executive director of the Company until 1 September 2023 to ensure an orderly transition and oversight of the Company’s 2023 interim results.
In line with best practice and its roles and responsibilities, the Nomination Committee of the Board has continually reviewed and discussed Board and executive succession plans. This has included identifying potential internal successors for the CEO role and, with the assistance of an external executive search firm, undertaking a thorough preparatory external benchmarking exercise. Following Luke’s decision to retire, the Board was pleased to be able to implement its succession plans and immediately approve the appointment of Robyn as the Company’s next CEO.
John Cryan, Chair, Man Group, commented:
“Luke has had a long and distinguished career in the City, leading several organisations before he landed at Man Group. He has been a fantastic, visionary leader, inspiring the firm to reposition itself for the future and working closely with his leadership team to oversee a period of tremendous growth. He has also played a significant part in developing a great culture that makes Man Group such a wonderful place to work. The fact that we have been able to make an appointment internally for his successor is a reflection of the highly talented team that he has developed around him. We thank him for his leadership of the firm over the past seven years and wish him the very best for his retirement.
“I know I speak for the entire Board when I say what a pleasure it is to be able to announce Robyn Grew as the next CEO of Man Group. Robyn is a dynamic, strategic leader with deep operational and commercial expertise, who knows the firm inside-out and is the perfect fit to take the firm on the next phase of its journey.”
Anne Wade, Chair Designate, Man Group, added:
“I am excited by Robyn’s vision and ambition for Man Group as a global, active investment firm, as well as her undeniable passion for creating a collaborative and diverse culture at the firm. Having worked closely with Robyn for over three years, I have seen what a strategic thinker she is, continually improving some of the firm’s most complex areas. I look forward to working together even more closely once we have both assumed our new roles later in the year.”
Robyn Grew said:
“It is an absolute honour to be taking on the role of CEO at Man Group. During more than a decade working at the firm, it has developed into a world leading, technologically brilliant, active investment firm with a fantastically collegiate culture. I look forward to building on that to ensure the firm remains positioned at the forefront of active investing, attracting top talent and delivering for our clients and shareholders alike. Luke has been an incredible ally and mentor to me and I am excited to be able to follow in his footsteps into this new role.”
Luke Ellis commented:
“It has been a privilege to be CEO of Man Group and it is easy to want to stay on forever when you are leading such a great team of people. However, I feel that now is the right time to pass the reins to the next custodian of this firm and having worked with Robyn for well over a decade I could not be more thrilled at her appointment. Robyn is truly exceptional and I know that the firm will continue to go from strength to strength under her leadership and that of the highly talented team around her.”
This announcement contains inside information for the purposes of Article 7 of the UK version of the Market Abuse Regulation (EU) 596/2014 ("UK MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of UK MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for making this disclosure on behalf of the Company is Elizabeth Woods, Company Secretary.
This announcement is made pursuant to Listing Rule 9.6.11R. In accordance with Listing Rule 9.6.13R (1), the Company notes that Robyn Grew is a director of ReNew Energy Global plc, a renewable energy solutions provider, which is listed on Nasdaq. There are no matters to be disclosed in connection with Listing Rule 9.6.13R (2) - (6).
Details of Robyn Grew’s remuneration arrangements following her appointment to the Board will be disclosed in full in the Company's 2023 Directors' Remuneration Report. Such arrangements will be consistent with the Company's approved Directors' Remuneration Policy.
Information equivalent to that required under section 430(2B) of the Companies Act 2006 in relation to Luke Ellis’s remuneration will be made available on the Company's website following his departure from the Board.