Seven non-executive directors step down at RBS

Seven non-executive directors have retired from the Royal Bank of Scotland, as the group looks to downsize its board.

Bob Scott, Jim Currie, Bill Friedrich, Bud Koch, Janis Kong, Steve Robson and Peter Sutherland have retired from the board.

The board has been considering its future shape in recent months, especially in light of the commitment to appoint three new non-executive directors made at the time of the recapitalisation of the group in October 2008.

The board has determined that a restructured board with a smaller number of directors will be better able to engage effectively in the restructuring process for the RBS Group going forward.

The RBS board will now comprise of chairman, Sir Philip Hampton, group chief executive Stephen Hester, group finance director Guy Whittaker and
chairman, regional markets Gordon Pell

Non-executive directors are Colin Buchan, Archie Hunter, Joe MacHale, John McFarlane and Art Ryan.

Hampton says: “We are making good and purposeful progress in the restructuring of the group including the board. These have been very challenging times for RBS and throughout the company’s difficulties I know that the whole board served with great commitment and determination.

“With several directors completing two or more terms or otherwise wishing to retire, now is the right time to reduce the size of the board, whilst ensuring an appropriate level of continuity in its key committees.

“Everyone at RBS is fully focused on the task in hand; restoring the company to sustainable standalone strength and repaying the support of the UK taxpayer as quickly and effectively as is practicable.”