Royal Bank of Scotland says chief executive to step down

Britain's state-rescued Royal Bank of Scotland said today that chief executive Stephen Hester has decided to step down after five years in the job.

Britain's state-rescued Royal Bank of Scotland said on Wednesday that chief executive Stephen Hester has decided to step down after five years in the job.

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"The board of directors of The Royal Bank of Scotland Group plc (RBS) today announced that Stephen Hester will be stepping down as the group's chief executive later this year," said a statement, adding that the search for a successor would start immediately.