Royal Bank of Scotland CEO Stephen Hester to resign

  • The chief executive officer of Royal Bank of Scotland announced on Wednesday he is to step down in December.

    Stephen Hester was appointed to the post in November 2008.

    In a statement, RBS said: "The board believes an orderly succession process will give a new CEO time to prepare for the privatization process and to lead the bank in the years that follow…Stephen was unable to make that open-ended commitment," it said.

    Soon after his appointment, Hester led the restructuring of RBS following its near collapse in 2008.

    The search for his successor will begin straight away.

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