25th Apr 2019 07:15
LONDON (Alliance News) - Ross McEwan is to step down as chief executive of Royal Bank of Scotland Group PLC once a replacement has been found, the UK state-backed lender said Thursday.
McEwan has given 12 months' notice of his departure, and he will also stay until "an orderly handover" has taken place.
McEwan became CEO of RBS in October 2013, having previously been head of the company's UK Retail unit. Before that, he led Commonwealth Bank of Australia's retail banking business.
Chair Howard Davies commented: "For the past five and a half years Ross has worked tirelessly to make the bank stronger and safer and played the central role in delivering a return to profitability and dividend payments to shareholders.
"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."
"RBS is now well positioned to succeed in the future in what is a rapidly evolving landscape for the banking sector. We will be conducting an internal and external search for his successor, which will start immediately," Davies continued.
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