5 February 2014 Insurance

RBS CEO heads to RSA Insurance

Former Royal Bank of Scotland (RBS) CEO, Stephen Hester has been appointed as group chief executive and director of RSA Insurance Group.

Hester has over 30 years’ experience in financial services and most recently led RBS through the UK’s largest ever corporate restructuring and recovery programme. He has also served as chief executive of The British Land Company, chief operating officer and finance director of Abbey National among other roles.

Martin Scicluna, chairman of RSA, who has been acting as chief executive, will revert to non-executive chairman.

“I am extremely pleased that Stephen is joining RSA as our new chief executive,” he said. “He has an outstanding track record of transforming the performance of businesses, bringing new energy and focus and implementing a challenging agenda to ensure significant value is delivered for customers and shareholders.

Hester said: “I am delighted to be asked to lead RSA, an organisation with a 300-year heritage. However, the challenges of recent months have demonstrated that we have not lived up to our stakeholders' expectations and performed to our true potential. I look forward to getting started immediately and working closely with the board on the business review to ensure that we are able to deliver strength and value to all of our stakeholders and re-emerge as an attractive solidly performing Group.”

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