TIDMRBS
RNS Number : 0394N
Royal Bank of Scotland Group PLC
20 September 2019
20 September 2019
RBS appoints Alison Rose as Chief Executive Officer and
Executive Director
The Royal Bank of Scotland Group plc (RBS) today announces the
appointment of Alison Rose as Executive Director and Chief
Executive Officer (CEO).
Alison, currently Deputy CEO NatWest Holdings and CEO Commercial
and Private Banking, will take up the position on 1 November 2019
after an orderly handover has taken place. Ross McEwan will
formally step down as CEO on 31 October 2019. Alison will also be
appointed as Executive Director and CEO on the Boards of NatWest
Holdings Limited, The Royal Bank of Scotland plc, National
Westminster Bank Plc and Ulster Bank Limited.
RBS Chairman Howard Davies said:
"I am delighted that we have appointed Alison as our new CEO.
She brings extensive experience and a track record of success from
her previous roles at the bank. Following a rigorous internal and
external process, I am confident that we have appointed the best
person for the job.
I'd like to take this opportunity to thank Ross, on behalf of
the Board, for his leadership and commitment during his time as CEO
and wish him the very best for the future. Ross leaves a strong
platform for his successor; a bank that has refocussed on its core
markets in the UK and Ireland and resolved all its major legacy
issues, while returning to profitability and paying dividends."
Alison Rose said:
"It is a huge honour to have been appointed as the new CEO of
RBS and I am looking forward to getting started. As one of the
oldest and most important financial institutions in the UK, we have
a key role to play in supporting the economy and championing the
potential that exists across the country.
Under Ross' leadership, RBS has undergone a significant
transformation and, as part of his leadership team, I am extremely
proud of all we have accomplished, and I would like to thank him
for the support he has given me over the last six years.
Maintaining the safety and soundness of this bank will continue to
underpin everything we do, as will our commitment to our customers
and to delivering steady returns for our shareholders.
This is an exciting time as we enter a new chapter for this
bank. Our industry is facing a series of challenges; from the
ongoing economic and political uncertainty to shifts in the
behaviour and expectations of our customers, driven by rapid
advances in technology.
It will be my priority to make sure we are ready to meet these
challenges and build the best bank for families, businesses and
communities. We will be driven with real purpose in our work to
help achieve the goals and potential of our customers and be there
for them at key moments in their lives."
Alison is also a Non-Executive Director of Great Portland
Estates plc and sits on the board of the Coutts Charitable
Foundation. There are no other matters to disclose under Listing
Rule 9.6.13.
Notes to editors
Remuneration arrangements for Alison Rose
Alison Rose's remuneration arrangements have been set in
accordance with the Directors' Remuneration Policy approved by
shareholders. The remuneration package includes a base salary of
GBP1,100,000 per annum, a fixed share allowance set at 100% of
salary and standard benefit funding of GBP26,250 per annum.
Remuneration for Alison has been set at a level that reflects the
fact that the current CEO's salary has been unchanged since his
appointment in 2013.
Pension funding has been set at 10% of salary. This is in line
with the pension rate applicable to the wider RBS workforce and
recognises emerging best practice under the UK Corporate Governance
Code and investor guidelines.
Variable pay will be delivered entirely in shares as long-term
incentive awards, with a maximum award of 175% of salary. Alison
will be required to build up and maintain a minimum shareholding
equal to 400% of salary.
Alison's remuneration package continues to represent a
restrained pay position in terms of comparable roles. Any further
increases will be reviewed annually subject to satisfactory
performance and development in role.
Remuneration arrangements for Ross McEwan
Ross McEwan will continue to receive his fixed remuneration
(based on an annual salary of GBP1,000,000, fixed share allowance
of GBP1,000,000, pension funding of GBP350,000 and standard benefit
funding of GBP26,250) until his final date of employment on 30
November 2019. No payment will be made in lieu of notice.
The Board determined that Ross meets the test for good leaver
retirement and that his forthcoming appointment with National
Australia Bank (NAB) will not affect that decision as NAB does not
compete directly and materially with RBS given its very limited
presence in the UK. Should Ross decide to take on a different role
in future, then the criteria would be re-tested.
To meet the criteria for good leaver retirement, the executive
director must: be leaving after age 55 or have served more than
five years in role; have demonstrated satisfactory performance; not
be leaving to work in a capacity considered to be competing
directly and materially with RBS; and be leaving at a time and in a
manner agreed with the Board.
In line with good leaver status, outstanding LTI awards granted
in 2018 and 2019 will continue to vest on their scheduled vesting
dates and pro-rating will not apply. The 2017 LTI award was granted
under the previous remuneration structure and pro-rating will apply
based on Ross' final date of employment. All awards will remain
subject to a performance assessment prior to vesting and the
potential application of malus and clawback provisions. Any vesting
of awards will be disclosed in the Directors' Remuneration Report
for the relevant year.
Under the Directors' Remuneration Policy, Ross remains eligible
for a further LTI award in respect of performance during 2019,
subject to an assessment of his contribution up to his date of
departure. Any such award would be disclosed in the 2019 Directors'
Remuneration Report.
The above information is provided in compliance with section
430(2B) of the Companies Act 2006.
Alison Rose Biography
Alison Rose is currently Deputy CEO of NatWest Holdings and
Chief Executive Officer of the Royal Bank of Scotland's Commercial
& Private Banking business. As a member of the RBS Executive
Management team, she leads over 12,000 people and is accountable
for market-leading brands such as Coutts and Lombard.
Alison has worked at RBS for 27 years and, prior to her current
role, was Head of Europe, Middle East and Africa, Markets &
International Banking.
Alison is also a Non-Executive Director of Great Portland
Estates plc, having been appointed on 4 April 2018 and sits on the
board of the Coutts Charitable Foundation.
Alison is a passionate supporter of diversity and is the
executive sponsor for the bank's employee-led networks. She was
invited by the UK Government to lead a review of the barriers to
women starting a business, launched in March 2019, and champions
NatWest's Entrepreneur Accelerator programme, an innovative
initiative supporting start-up businesses across the UK.
For further information, please contact:
Investor Relations
Alexander Holcroft
Head of Investor Relations
+44 (0) 207 672 1758
RBS Media Relations
+44 (0) 131 523 4205
Legal Entity Identifiers
The Royal Bank of Scotland 2138005O9XJIJN4JPN90
Group plc
NatWest Holdings Limited 213800GDQMMREYFLQ454
National Westminster Bank 213800IBT39XQ9C4CP71
Plc
The Royal Bank of Scotland 549300WHU4EIHRP28H10
plc
Ulster Bank Limited 213800BZ9V4RRA2IRN26
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END
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