Gilbert was previously been head of Aberdeen Asset Management, a role he held for more than 30 years.
However despite stepping down from the top role, Gilbert is not leaving the company. SLA confirmed that he will become deputy vice chairman.
This unusual joint leadership structure was put in place following the 2017 merger between Standard Life and Aberdeen Asset Management, two of the biggest names in Scottish financial services.
SLA says these changes are designed to simplify reporting lines and “facilitate robust execution of the next stages of our transition”.
However, the company has also come under pressure for poor performance since the merger. This announcement was made as the company published its latest results, showing increased outflows during 2018. In total the merged company saw £40.9bn of net outflows, an increase on the £32.9bn seen the year before and a figure equivalent to 7 per cent of the assets under management at the time of the merger.
In his new role, Gilbert will be responsible for maintaining SLA’s strategic relationships with key clients and winning new business.