Royal Financial institution of Scotland’s CEOt, Ross McEwan, has resigned after five and a half years within the job, saying now could be the “proper time” to go away.
The 61-year-old has a 12-month notice period and will be driving the wheel of the institution, which continues to be 62% owned by the UK authorities, till a successor has been discovered and an “orderly handover has taken place.”
The financial institution’s chairman, Howard Davies, stated McEwan’s technique to refocus RBS on the UK and Eire had “helped to ship one of many greatest UK company turnarounds in historical past.”
He mentioned: “Ross has labored tirelessly to make the financial institution stronger and safer and performed the central position in delivering a return to profitability and dividend funds to shareholders. The board and I are grateful for the large contribution Ross has made in one of many hardest jobs in banking.”
Alison Rose, who runs RBS’s business banking division, is the personal favorite to take over from McEwan. Davies burdened that the financial institution would conduct a full internal and exterior search.
Rose was additionally appointed deputy CEO of NatWest Holdings, the financial institution’s ringfenced holding firm, which homes RBS’s retail banking pursuits, in November.
RBS lately posted annual income of £1.6bn, up from £752m a year earlier. This marked the second consecutive year of revenue for the financial institution since its £45bn state bailout in 2008. The Treasury plans to draw off the entire public stake by 2023-2024. In October RBS paid its first dividend since the rescue.
McEwan stated: “After over five and a half gratifying years, and with the financial institution in a much stronger monetary place, it’s time for me to step down as CEO.
“It’s by no means straightforward to go away someplace like RBS. Nonetheless, with a lot of the restructuring achieved and the financial institution on a sound and good footing, I’ve delivered the technique that I set out in 2013 and now seems like the right time for me to step apart and for a new CEO to steer the financial institution.”