Royal Bank of Scotland boss Ross McEwan quits

25th Apr 2019 08:01

(Sharecast News) - Royal Bank of Scotland chief executive Ross McEwan resigned on Thursday, stating that he leaves the bank "in a much stronger financial position" after five and a half years in the position.McEwan has a 12-month notice period and so will remain in position until a successor is appointed and a handover has taken place."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. 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," said McEwan.Under McEwan's watch, RBS recovered from nine consecutive loss-making years following a £45bn government bailout during the 2008 financial crisis, with the bank finally turning a profit in 2017 after down-sizing and cost-cutting measures.The 62% government-owned business will report its full-year results tomorrow.Royal Bank of Scotland's shares were down 1.48% at 252.70p at 0817 BST.