Bloomberg reports that after almost five years in the job, Hester said Wednesday he was leaving by the end of the year at the board’s request to enable a successor to be in place when the government starts selling its 81% stake.
His departure may make an initial public offering more difficult, analysts and investors said.
'I was prepared to carry on through the start of privatization', Hester, 52, said on a call with reporters Wednesday. 'This was the board’s decision, not mine, but I am comfortable with their decision'.
'The acceleration of considering succession for the CEO role arises from the Treasury’s determination to see the bank is in a state that it can be returned to the private sector by the end of 2014', Chairman Philip Hampton, 59, said on the call. 'The board very much wants this to be returned to the private sector as soon as is sensibly possible'.
Hit the link below to access the complete Bloomberg article: