LONDON/EDINBURGH - Royal Bank of Scotland is searching for a new chief executive after Ross McEwan resigned, signaling a fresh start as it heads for full private ownership after a state bailout.
“There is no favorite, it’s an open process and we’ve only just begun,” he told reporters on the sidelines of the bank’s annual meeting in Edinburgh, adding that headhunter Spencer Stewart had been appointed to assist the search. Executives at the shareholder meeting faced fresh complaints over executive pay and alleged mistreatment of troubled borrowers by its controversial Global Restructuring Group.
Under his watch, the bank also shelled out $4.9 billion to settle its largest-ever regulatory penalty for misselling of high-risk mortgage backed securities between 2005 and 2008, when it was one of the world’s biggest banks by assets.
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