Stephen Hester

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Stephen Hester
Location UK

Stephen Hester is the former group chief executive of the Royal Bank of Scotland (RBS). He was appointed in November 2008, and to the board one month prior.[1] He replaced Fred Goodwin, who led an ill-fated takeover of ABN Amro in the middle of the global financial crisis. On June 12, 2013, RBS announced that Hester would step down as chief executive at the end of the year.[2] Hester was forced from his position in 2013.[3]

In August 2011, RBS reported a hefty first-half net loss. The company cited charges for the selling of fraudulent payment-protection insurance and a markdown on Greek bonds as causes for the trouble. Hester was quoted as keeping a "calm and purposeful" resolve during the crisis, admitting that the economic recovery in 2011 was much slower than he expected and had thus made it difficult for RBS to move forward.[4][5]

Background

Hester was previously the non-executive deputy chairman of Northern Rock Plc. Before that, he was the chief executive of The British Land Company Plc. Hester has also served as the chief operating officer of Abbey National plc and several positions with Credit Suisse First Boston, including chief financial officer, head of fixed income and co-head of the European investment banking division.

Professional Activities

  • Trustee, Foundation and Friends of The Royal Botanic Gardens, Kew Foundation

References

  1. Management Structure. RBS.
  2. Stephen Hester to step down as RBS chief executive. The Financial Times.
  3. RBS chairman stands firm after forced exit of boss Hester. The Guardian.
  4. Hefty Charges Weigh on RBS. WSJ.
  5. RBS suffers heavy first-half loss. Financial Times.