News Column

Stephen Hester to Step Down at RBS

June 12, 2013

Royal Bank of Scotland chief executive Stephen Hester is to step down later this year, the bank announced Wednesday.

The 81-per-cent-state-owned bank said Hester, who took the post five years ago, would receive a full year of pay, benefits worth 1.6 million pounds (2.5 million dollar) and a possible 4-million-pound shares windfall from a long-term incentive scheme.

He will receive no bonus for 2013.

"We are now in a position where the government can begin to prepare for privatizing RBS," said Hester, who oversaw the bank's restructuring after it almost collapsed in 2008.

"While leading that process would be the end of an incredible chapter for me, ideally, for the company, it should be led by someone at the beginning of their journey," he added.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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