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| Royal Bank of Scotland CEO Stephen Hester to stand down | |
| (35 minutes later) | |
| Stephen Hester is to step down from his role as chief executive of Royal Bank of Scotland in December. | |
| Mr Hester has been in the role since November 2008 and the search for his successor will start straight away. | Mr Hester has been in the role since November 2008 and the search for his successor will start straight away. |
| In a statement RBS said: "The board believes an orderly succession process will give a new CEO time to prepare for the privatisation process and to lead the bank in the years that follow. | In a statement RBS said: "The board believes an orderly succession process will give a new CEO time to prepare for the privatisation process and to lead the bank in the years that follow. |
| "Stephen was unable to make that open-ended commitment," it said. | "Stephen was unable to make that open-ended commitment," it said. |
| Mr Hester led the large-scale restructuring of RBS following its near collapse in 2008. | |
| RBS said it had made "huge progress in becoming a strong bank, with balance sheet and funding transformed and the business fundamentally reshaped". | |
| "[We are] now beginning to prepare for possible share sales by the UK government," it said. | |
| "Accordingly, both the board and Stephen agreed this provided a window to begin a transition of leadership." | |
| Mr Hester said: "We have reduced the bank's balance sheet by nearly a trillion pounds, repaid hundreds of billions of taxpayer support, and removed the imminent threat that this bank's size and complexity posed to the UK economy. | |
| "We are now in a position where the government can begin to prepare for privatising RBS. | |
| "While leading that process would be the end of an incredible chapter for me, ideally for the company it should be led by someone at the beginning of their journey. | |
| "Over the coming months I will put all my effort into completing the final recovery and continuing to build a strong customer focused culture." | |
| RBS chairman Philip Hampton, who will oversee the hunt for Mr Hester's successor, said: "On behalf of the Board, I would like to thank Stephen for his leadership and dedication. | |
| "In the midst of a major crisis, he accepted the challenge of stabilising the bank, turning it around, and putting us in a position where we can begin to plan for returning the organisation to the private sector. | |
| "Stephen will be leaving RBS in a vastly improved position that many would have thought impossible five years ago." | |
| When he leaves, Mr Hester will receive £1.6m, which represents 12 months pay and benefits. He will not be paid a bonus for 2013. |