Ross McEwan, the CEO of the Royal Bank of Scotland, has stepped down from his position.
Today, RBS announced that McEwan was stepping down as the CEO and executive director of the bank. He will be working his 12 month notice period until a replacement for the position is found.
The announcement comes ahead of the annual general meeting with shareholders of the bank in Edinburgh that was scheduled later today and ahead of the first quarter results of RBS that is set on Friday.
In a statement, Chairman Howard Davies stated : “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.”
McEwan helped to re-focus the company on domestic banking activities and away from investment banking. The strategy helped in turning around RBS and the bank was able to post its first annual profit in a span of a decade in 2018, before doubling them this year.
Davies stated: “The Board and I are grateful for the huge contribution Ross has made in one of the toughest jobs in banking.”
He added: “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.”
Davies said that RBS would look both internally and externally for the replacement of McEwan.
In a statement, McEwan stated: “It has been a privilege to lead this great bank and to have worked with some really outstanding people in the process. It is never easy to leave somewhere like RBS.”
He added: “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 CEO to lead the bank.”
He continued: “I’d like to thank the board, shareholders and UKGI for the support they have shown me during my time at the bank and our colleagues for the remarkable job in turning this bank around.”