RBS CFO departure 'unexpected and material loss' for the bank

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Royal Bank of Scotland Chief Financial Officer Ewen Stevenson unexpectedly resigned to take up another unspecified opportunity, leaving the lender to scramble for his replacement.

Bloomberg News reports that Stevenson’s departure leaves Alison Rose, RBS’s most senior female banker, as the most likely internal successor to become chief executive officer. Stevenson, 52, who has been at RBS for about four years, was one of two internal candidates seen as a potential replacement for chief Ross McEwan, people with knowledge of the matter said this month.

The CFO’s exit is an unexpected and material loss” for the bank, Investec analyst Ian Gordon said by email comments. He had “particularly strong credibility” with the market after his “commendable stewardship” of the bank during an unprecedented period of restructuring.

RBS CFO Seen as Next Possible Chief Unexpectedly Resigns

The bank said that 'the effective date of his departure will be confirmed in due course but he will remain in his position to oversee an orderly handover of his responsibilities. The search for a successor will commence immediately.

Chairman Howard Davies said: 'The Board and I are sorry to learn that Ewen has decided to move elsewhere. He will go with our thanks for a job well done and our good wishes'.

Chief Executive Ross McEwan added: 'For the past four years Ewen has worked tirelessly with me and my executive team to make RBS a much simpler, safer and more customer focussed business and to resolve a number of major legacy challenges. When Ewen leaves RBS he will go with my enormous thanks and best wishes, he has been a fantastic CFO''.

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