Stephen Hester: “I’m content with the board’s perspective on this, there is no fight”
Stephen Hester is to step down as chief executive of Royal Bank of Scotland in December after five years in the role.
RBS chairman Sir Philip Hampton said the transition was necessary if RBS was to return to private ownership by the end of 2014, as the Treasury hopes.
Mr Hester will receive 12 months’ pay and benefits worth £1.6m and the potential for £4m in shares.
The search for his successor at the helm of the part-privatised bank will start immediately.
In a statement RBS said an “orderly succession” would allow the new CEO to oversee the re-privatisation of the bank, and lead it “in the years that follow”.
It said Mr Hester “was unable to make that open-ended commitment”.