HSBC Appoints RBS CFO Ewen Stevenson as Next Finance Director -- Update
June 25 2018 - 8:47AM
Dow Jones News
By Adam Clark
HSBC Holdings PLC (HSBA.LN) said on Monday that it has appointed
Royal Bank of Scotland Group PLC (RBS.LN) Chief Financial Officer
Ewen Stevenson as its next finance director, replacing Iain
Mackay.
HSBC said Mr. Mackay will retire from the bank, with the
specific handover dates to be confirmed in due course. Mr. Mackay
has been finance director for nearly eight years, the majority
spent under former Chief Executive Stuart Gulliver, who was
replaced in February by John Flint.
Mr. Stevenson's departure from RBS was announced in May, having
been CFO at the U.K. bank since 2014. RBS said at the time that the
date of Mr. Stevenson's departure was yet to be confirmed, and he
would remain to oversee the handover to his successor. His exit
comes after the U.K. government resumed the selldown of its
majority stake in RBS, shedding a 7.7% stake earlier in June.
HSBC said Mr. Stevenson's appointment is subject to final
regulatory approval and election at its next general meeting. His
annual base salary will be 700,000 pounds ($928,130), with a
fixed-pay allowance of GBP950,000 and a pension allowance of
GBP210,000. He will also be granted share awards to replace his
unvested RBS awards, forfeited as a result of the move. HSBC said
such awards are currently worth GBP7.8 million.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
June 25, 2018 08:32 ET (12:32 GMT)
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