27 August 2008The Royal Bank of Scotland Group plc ("RBS") announces today that Stephen Hester, John McFarlane and Arthur (Art) Ryan have been appointed Non-Executive Directors of RBS with effect from 1 October 2008. RBS also announces that Lawrence (Larry) Fish and Charles (Bud) Koch will retire as Non-executive Directors of RBS ahead of the AGM in April 2009.
Commenting on the Board changes Sir Tom McKillop, Chairman of RBS, said: "I am delighted that Stephen Hester, John McFarlane and Art Ryan have agreed to become independent Non-executive Directors of RBS. Their experience in financial services will be of great benefit to RBS given the increasingly diversified and international nature of our powerful banking franchises." Stephen Hester is Chief Executive of The British Land Company PLC. He also has considerable banking experience in the UK and internationally. This encompasses retail and commercial banking and complex financial markets businesses. Stephen has previously served as Chief Operating Officer and Finance Director of Abbey National plc. He spent 19 years with Credit Suisse First Boston in the UK and US, his senior roles including Chief Financial Officer, Global Head of the Fixed Income Division and co-Head European Investment Banking. John McFarlane is a career banker and has extensive UK and international experience, particularly of markets in Asia and Australia. He retired in 2007 after serving 10 years as Chief Executive Officer of Australia and New Zealand Banking Group Limited. He spent four years with Standard Chartered plc, latterly as Group Executive Director based in London and Hong Kong, and 18 years with Citibank, where his previous appointments included Head of Citicorp / Citibank in the UK and Managing Director of Citicorp Investment Bank Limited in London. Arthur Ryan retired as Chairman of Prudential Financial, Inc., a leading US financial services company, in May 2008 and as Chief Executive Officer and President in December 2007, having spent nearly 14 years leading the organisation. Arthur also has significant US and international banking experience from his 22 years at the former Chase Manhattan Bank, where his senior roles included President and Chief Operating Officer and Vice-Chairman. He ran Chase's worldwide retail bank between 1984 and 1990. Sir Tom added: "I would like to acknowledge the strong contributions that Larry Fish and Bud Koch have made to the RBS Board. On behalf of the Board, I extend our thanks to both Larry and Bud for their service and wish each of them well for the future." "I have no doubt that Stephen, John and Art will add tremendous value to the Board of RBS. On behalf of my fellow Board members I look forward to welcoming them to the Company and to working with them as we take the business forward." The appointments are subject to the usual regulatory approvals. There are no other matters requiring disclosure under Listing Rule 9.6.13. Biographical DetailsStephen Hester Stephen Hester was appointed Chief Executive of The British Land Company PLC in November 2004. He was previously Chief Operating Officer of Abbey National plc, having joined in May 2002 as Finance Director. His prior career was at Credit Suisse First Boston in London and New York from 1982 to 2001. His roles included co-Head European Investment Banking, and from 1996 an Executive Board member. initially as Chief Financial Officer, then as Global Head of the Fixed Income Division (including fx, derivatives and credit markets). In February 2008, he was appointed Non-executive Deputy Chairman of Northern Rock PLC, a position he will relinquish on 1 October 2008. He is also a trustee of The Royal Botanic Gardens, Kew Foundation. He was born in 1960 and holds a first class degree in Politics, Philosophy and Economics from Oxford University. John McFarlane John McFarlane served as Chief Executive Officer of Australia and New Zealand Banking Group Limited from 1997 until his retirement in 2007. From 1993 to 1997 he held various senior positions with Standard Chartered Bank, latterly as Group Executive Director based in London and Hong Kong with responsibility for South East Asia, Europe, Middle East and Africa, USA and Latin America. Prior to that he spent 18 years with Citibank, where his roles included Head of Citicorp / Citibank in the UK and Managing Director of Citicorp Investment Bank Limited in London. He is currently a non-executive director of Westfield Holdings Limited, a director of Old Oak Holdings Limited and is a member of Consolidated Press Holdings Advisory Board. He is a former President of the International Monetary Conference and a former Chairman of the Australian Bankers Association and holds banking and securities fellowships in the UK, Hong Kong and Australia. He has previously served as a director of the London Stock Exchange and a member of the Auditing Practices Board. He holds a Master of Arts degree from the University of Edinburgh and an MBA from Cranfield School of Management. Arthur (Art) Ryan Arthur Ryan served as Chairman, Chief Executive Officer and President of Prudential Financial Inc., a major US financial services company headquartered in New Jersey, from 1999 until his retirement in 2008. Mr Ryan joined Prudential Insurance in 1994 as Chairman of the Board, Chief Executive Officer and President and oversaw the restructure and demutualisation of the company. His prior career was with the former Chase Manhattan Bank NA where he held a variety of senior executive positions including Executive Vice President, Corporate Operations and Systems, Vice Chairman, Retail Banking and Wealth Management and from 1990 to 1994 President and Chief Operating Officer. He is currently a Non-executive Director of Regeneron Pharmaceuticals, Inc. and an active member of numerous community boards. He was a founding member of the Financial Services Forum established by Hank Paulson, former Chairman of Goldman Sachs and now US Treasury Secretary. He holds a Bachelor of Arts degree in Mathematics from Providence College. Lawrence (Larry) Fish Larry Fish was appointed to the Board in January 1993. He is a career banker and was previously a director of the Federal Reserve Bank of Boston. He is an incorporator of the Massachusetts Institute of Technology (MIT), a trustee of The Brookings Institution, and a director of Textron Inc., Tiffany & Co and numerous community organisations in the USA. Mr Fish was appointed non-executive Chairman, RBS America and Citizens Financial Group, Inc. with effect from 1 January 2008. He was previously an Executive Director of the Company and became a Non-Executive Director on 1 May 2008. Charles (Bud) Koch Bud Koch was appointed to the Board in September 2004. He has extensive professional experience in the USA and is immediate past chairman of the board of John Carroll University, and a trustee of Case Western Reserve University. He was Chairman, President and Chief Executive Officer of Charter One Financial, Inc. and its wholly owned subsidiary, Charter One Bank, N.A., between 1973 and 2004. He is also a director of Assurant, Inc. and a public interest director of the Federal Home Loan Bank of Cincinnati. |
