Britain's bailed-out Royal Bank of Scotland said Thursday that chief executive Ross McEwan has resigned after steering it to a "stronger" financial position over the last five years. "RBS announces that Ross McEwan has resigned from his role as chief executive officer and executive director," read a statement from the Edinburgh-based giant on the eve of its first-quarter results.
McEwan has been at the helm since 2013 and helped guide the group to a steady recovery, after its dramatic bailout during the 2008 global financial crisis.
He has a 12-month notice period and will remain at the helm until a successor has been appointed, the group added Thursday.
"For the past five and a half years Ross has worked tirelessly to make the bank stronger and safer and played the central role in delivering a return to profitability and dividend payments to shareholders," said Chairman Howard Davies in the statement.
"The board and I are grateful for the huge contribution Ross has made in one of the toughest jobs in banking. "His successful execution of the strategy to refocus the bank back on its core markets here in the UK and Ireland has helped to deliver one of the biggest UK corporate turnarounds in history.
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