ROYAL Bank of Scotland boss Ross McEwan has resigned after more than five and a half years at the helm, saying he achieved his strategy set out when he joined the bank.
He has a year’s notice period, remaining in the post until a successor has been appointed, and to ensure an “orderly handover”.
McEwan 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.
“It is never easy to leave somewhere like RBS.
“However with much of the restructuring done and the bank on a strong and profitable footing, I have delivered the strategy that I set out in 2013 and now feels like the right time for me to step aside and for a new CEO to lead the bank.”
The search for his replacement will begin immediately, with Alison Rose, who was recently promoted to deputy chief executive of NatWest Holdings, the leading internal candidate to take over.
Sir Howard Davies, RBS chairman, said: “The board and I are grateful for the huge contribution Ross has made in one of the toughest jobs in banking.
“His successful execution of the strategy to refocus the bank back on its core markets here in the UK and Ireland has helped to deliver one of the biggest UK corporate turnarounds in history.”
Taking up the post in October 2013, McEwan led the bank through hard times, after a huge £45 billion taxpayer bailout amid the financial crisis.
He has presided over a return to profit at RBS, seeing the lender report its second successive year in the black for 2018 and announcing a £1.6bn final dividend, resulting in a near £1bn windfall for the taxpayer.
The lender saw bottom-line profits more than double from £752 million last year to £1.62bn, a 116% increase.
Full year pre-tax operating profit rose 50% to £3.4bn.
It marked the bank’s second year of profits following a decade-long run of stinging losses, during a period marred by crisis-era legacy and conduct charges.
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