Stephen Bird, the chief executive of abrdn, is stepping down from the role after four years.

According to reports, Bird has agreed with the board to step down after it was decided now is a good time for a change in leadership.

Abrdn’s current chief financial officer will replace Bird on an interim basis as the company looks for a successor.

The financial services company says it will begin the search after a “significant strategic repositioning.”

The move follows a tumultuous year for the Abrdn, which has taken an array of cost-cutting measures this year. The firm aims to cut 500 jobs in an effort to save the company up to £150m in costs.

The company has also sold its assets – totalling £7.4bn – under management private equity business to Partia Investment for up to £100m.

Before this, Virgin Money bought Abrdn’s 50% stake in their joint venture, Virgin Money Investments, after Virgin launched its new investment platform.

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Abrdn’s chair, Sir Douglas Flint, said of Bird: “He joined us as the pandemic took hold and, despite the restrictions this imposed, spearheaded a fundamental reshaping of the company, leading from the front to create a company that can be competitive in a fast-evolving sector.”

He added that Bird had “the courage to make tough but necessary decisions,” to improve Abrdn’s standing.

Bird called his time leading Abrdn a privilege, adding that he is immensely proud of the work we have done together to simplify abrdn and position the company for sustainable growth.”