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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.

    Tagged as: Royal Bank of Scotland CEO, RBS bank CEO resign, Stephen Hester, RBS bank CEO resign