The chief executive of the Royal Bank of Scotland (RBS) Ross McEwan announced today he is stepping down after completing one of ‘the biggest UK corporate turnarounds in history’.
McEwan (pictured) took over as RBS boss in 2013 following its £45 billion bailout from the government during the financial crash.
RBS chairman Howard Davies said McEwan has led the taxpayer-owned bank on one of the biggest transformations ever following its near-collapse.
‘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,’ Davies said.
‘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.’
McEwan said: ‘It is never easy to leave somewhere like RBS. However with much of the restructuring done and the bank on a strong and profitable footing, I have delivered the strategy that I set out in 2013 and now feels like the right time for me to step aside and for a new chief executive to lead the bank.’
RBS recorded a pre-tax profit of £1.6 billion in 2018, up from £752 million it returned in the previous year. The bank’s shares are currently being sold off by the government.