Royal Bank of Scotland (RBS.L) has named Alison Rose as its new incoming CEO, replacing Ross McEwan.
Rose is currently deputy CEO of NatWest and CEO of commercial and private banking at RBS. An RBS lifer, she was widely tipped as the likely replacement McEwan, who announced he was leaving in April.
“Following a rigorous internal and external process, I am confident that we have appointed the best person for the job.”
Rose said: “It is a huge honour to have been appointed as the new CEO of RBS and I am looking forward to getting started. As one of the oldest and most important financial institutions in the UK, we have a key role to play in supporting the economy and championing the potential that exists across the country.”
Ross will formally retire on October 31 and Rose will take up the position on November 1. The timing could make for a hectic first day for Rose, given that the UK is officially set to leave the EU on October 31.
“Our industry is facing a series of challenges; from the ongoing economic and political uncertainty to shifts in the behaviour and expectations of our customers, driven by rapid advances in technology,” Rose said.
“It will be my priority to make sure we are ready to meet these challenges and build the best bank for families, businesses and communities. We will be driven with real purpose in our work to help achieve the goals and potential of our customers and be there for them at key moments in their lives.”
Rose will be paid £1.1m a year with a share-based bonus of up to 175% of her salary, RBS said. She will get a share allowance of up to 100% of her salary and annual benefits of £26,250. RBS said it was “a restrained pay position in terms of comparable roles.”