- Ewen Stevenson will ‘take up an opportunity elsewhere’, bank says in statement
- News of chief finance officer’s departure comes ahead of today’s AGM
- Government ministers reported to be gearing up to sell £3bn stake in bank
Royal Bank of Scotland’s chief financial officer Ewen Stevenson has unexpectedly resigned from the bank.
Details of his next move are sparse, and all is known is that Mr Stevenson will ‘take up an opportunity elsewhere.’
While it it not known when the finance chief will leave the bank exactly, a search for a replacement will begin straight away with an ‘orderly handover’ being hoped for.
Stepping down: Royal Bank of Scotland’s chief financial officer, Ewen Stevenson, has unexpectedly resigned from the bank
Government ministers are reportedly preparing to sell a £3billion stake in RBS this week, putting it on the final path to a return to private ownership.
The Government is set to lose billions of pounds on the sale.
RBS shares have plunged to 290p since the state intervened and paid 502p per share back in 2008.
In early morning trading, RBS’ share price was down 0.73 per cent or 2.05p to 277.95p.
Preparations; Government ministers are preparing to sell a £3billion stake in RBS this week
Commenting on Mr Stevenson’s departure, Howard Davies, RBS’ chairman, said: ‘The board and I are sorry to learn that Ewen has decided to move elsewhere. He will go with our thanks for a job well done and our good wishes.’
Chief executive Ross McEwan added: ‘For the past four years Ewen has worked tirelessly with me and my executive team to make RBS a much simpler, safer and more customer-focused business and to resolve a number of major legacy challenges.
‘When Ewen leaves RBS he will go with my enormous thanks and best wishes. He has been a fantastic CFO.’
Mr Stevenson’s departure announcement comes as the bank gears up for its annual general meeting in Edinburgh today.
The bank’s board are likely to face a barrage of questions on issues such as when dividend payments will start again and the timing of its eventual privatisation.
After being bailed out by taxpayers during the financial crisis, the government still owns a 72 per cent stake in the bank.
Earlier this month, RBS revealed it planned to close 162 branches across the UK, putting nearly 800 jobs at risk.