Ross McEwan is the new RBS chief executive

RBS has confirmed the appointment of Ross McEwan as its new chief executive.

07:17 04 August 2013

RBS has confirmed that it appointed Ross McEwan as its new chief executive on Friday. Stephen Hester, the outgoing chief executive, has stepped down earlier than expected and is said to be leaving at the end of next month.

As the new chief executive of the state-backed lender’s retail banking business, Mr. McEwan will be receiving £1million salary, which is less than the £1.2million salary that Mr. Hester received. He will also get £350,000 cash payment in lieu of pension.

Sir Philip Hampton, the chairman of RBS, said that the appointment of McEwan followed a full international search. He also confirmed that Mr. McEwan was the only individual to be offered the job.

RBS has announced profits of £1.4billion under outgoing boss Stephen Hester. Because of this, Mr. Hester said that “RBS’s journey from bust bank to normal bank is largely done."

Meanwhile, Chancellor George Osborne said he was impressed with Mr McEwan vision.

 

He said: "He's committed to a new culture at the bank that puts the customer first, whether it's the family or small business or large company. I think he'll provide the leadership RBS needs as the bank puts the mistakes of the past behind it, and the government seeks to get the best value for the taxpayer from the money the last government put into the bank.”