Royal Bank of Scotland has promoted its head of retail Ross McEwan to the role of chief executive, replacing ousted Stephen Hester.
McEwan has been chief executive of the bank's UK retail arm since 2012, joining the business from Commonwealth Bank of Australia where he spent five years as group executive for retail banking services. He has worked in the insurance and investment industries both in Australia and New Zealand for more than 25 years. He becomes CEO on 1 October, and will receive an annual salary of £1m, but has said he will not not take a bonus for 2014 or for the remainder of 2013. McEwan is charged with RBS's restructuring and ensuring its shares rise above the government's break-even price so tha...
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