RBS recruitment criteria a 'three blackball process'

Stephen Hester

Nothing is easy over at RBS these days.

RBS CEO Stephen Hester is due to stand down at the end of the year, and the race is on as to who will succeed him.

But it will be no easy selection process, as the Financial Times points out:

'But finalising the choice of chief executive within the next month will be difficult given the three-stage process involved: first, approval by the RBS board, then sign-off by the Treasury, and finally authorisation by regulators at the Prudential Regulation Authority and the Financial Conduct Authority.

'This is a three blackball process', said one close observer. 'That’s pretty unique in the world'.'

The runners and riders to replace Hester appear to be:

Internal candidates

CFO Nathan Bostock

Rory Cullihan, head of the non-core businesses

Ross McEwan - head of retail

Chris Sullivan - head of corporate banking

External candidates

Cameron Clyne - CEO National Australia Bank

Iain Mackay - Finance Director, HSBC

Richard Meddings - Finance Director, Standard Chartered

Long-shot - Justin King, CEO Sainsbury's

Interviews start for top job at RBS (subscriber content)

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