RBS boss resigns from 'toughest job in banking'

Author: Max SteelePublished 25th Apr 2019
Last updated 25th Apr 2019

Royal Bank of Scotland boss Ross McEwan has resigned after more than five-and-a-half years at the helm, saying it is the "right time" to step down.

Mr McEwan has a year's notice period and will stay in the post until a successor has been appointed, and to ensure an "orderly handover".

The news came ahead of the lender's annual general meeting being held at Gogarburn on Thursday afternoon.

Mr McEwan said he had achieved his strategy set out when he joined the bank, having returned the bank to profitability and put it on a firmer financial footing.

He said: "After over five-and-a-half very rewarding years, and with the bank in a much stronger financial position, it is time for me to step down as CEO."

He added: "It is never easy to leave somewhere like RBS."

RBS chairman Sir Howard Davies said the search for Mr McEwan's successor will start immediately, with the bank casting the net internally and externally.

Alison Rose, who was recently promoted to deputy chief executive of NatWest Holdings, is seen as the leading internal candidate to take over from Mr McEwan.

She has worked at RBS for more than 26 years and her appointment late last year already sparked intense speculation she is being lined up as a successor to Mr McEwan.

Mr Davies paid tribute to Mr McEwan's time in charge.

He said: "The board and I are grateful for the huge contribution Ross has made in one of the toughest jobs in banking."

Mr McEwan took up the post in October 2013 and has led the bank through testing times, having been left largely in the hands of the State after a mammoth Ā£45bn taxpayer bailout amid the financial crisis.

It was more than 80% owned by the Government at one stage, but the taxpayer's stake has since reduced to 62.4%