RBS announces a number of changes and new appointments to the Group’s Executive Committee (Exco). Once these have taken effect, together with the pending change of Chief Financial Officer announced yesterday, all 9 members of the Group’s Exco will be new to their posts within the last 14 months, 7 since October of last year. This will complete the management restructuring at this level though further changes will continue elsewhere in the Group. These appointments complement the new strategic direction for RBS set out in February and, once bedded down, will help underpin its implementation.
Brian Hartzer will join RBS and take over responsibility from Gordon Pell as Executive Committee member responsible for the UK Retail, Wealth and Ulster Bank business divisions. These important businesses rank respectively 2nd, 1st and 3rd in their markets. Brian joins from Australia and New Zealand Banking Group Ltd. (ANZ) where he was Chief Executive Officer – Australia and Global Segment Lead for Retail, since October 2008. Brian had been directly responsible for the Retail, SME, and Wealth businesses since 2004, during which time ANZ increased profit in these businesses by 50% and improved its market share of Australian Retail customers from 4th to 2nd position overall as well as being recognised as having the best customer service of any bank in Australia. Gordon Pell will retain the position of Deputy Chief Executive of RBS through the transition period until his retirement, as previously announced, early next year.
Paul Geddes will join the Group’s Exco as CEO of RBS’ market leading general insurance businesses. He currently runs the UK Retail business reporting to Gordon Pell. Paul became CEO of the Retail business in December 2006, driving a successful period for the division – growing income and strengthening market share and customer satisfaction. That business will now report directly to Brian Hartzer.
Chris Sullivan, currently CEO of RBS Insurance, will take over from Alan Dickinson to become CEO of the UK Corporate Banking Division (including the SME franchise). The Group’s Global Transaction Services division run by Brian Stevenson will also report to him. These businesses hold market positions of 1st in the UK and 5th worldwide respectively. Chris Sullivan has overseen considerable success for RBS Insurance since November 2006 including a record performance in 2008. His background prior to that was in RBS’ UK Retail and Corporate businesses. Alan Dickinson will stay on as Chairman of the Division assisting the transition until he retires as planned early next year.
Further to the February announcement of his appointment as Head of Risk and Restructuring (including RBS’ new ‘Non Core’ Division and the pending Asset Protection Scheme portfolio), Nathan Bostock will join from Abbey National to take up his role on 1st June.
D.C.