and (RBS). Sir Philip, who is currently the chairman of Sainsbury, will replace the current chairman Sir Tom Mckillop, who has announced his resignation. Sir Tom’s resignation comes after the bank has undergone a series of financial difficulties and top management related changes. As a result of the financial crisis RBS has already been partially nationalized by the UK government. Earlier this week we ran a blog discussing the possibility that Sir Philip might take the RBS Chairmanship.
Showing posts with label RBS. Show all posts
Showing posts with label RBS. Show all posts
Friday, January 16, 2009
It's Official, Sir Philip Hampton To Be RBS Chairman
Earlier today the BBC reported that Sir Philip Hampton has agreed to take the chairmanship of the Royal Bank of Scotland (RBS). Sir Philip, who is currently the chairman of Sainsbury, will replace the current chairman Sir Tom Mckillop, who has announced his resignation. Sir Tom’s resignation comes after the bank has undergone a series of financial difficulties and top management related changes. As a result of the financial crisis RBS has already been partially nationalized by the UK government. Earlier this week we ran a blog discussing the possibility that Sir Philip might take the RBS Chairmanship.
and (RBS). Sir Philip, who is currently the chairman of Sainsbury, will replace the current chairman Sir Tom Mckillop, who has announced his resignation. Sir Tom’s resignation comes after the bank has undergone a series of financial difficulties and top management related changes. As a result of the financial crisis RBS has already been partially nationalized by the UK government. Earlier this week we ran a blog discussing the possibility that Sir Philip might take the RBS Chairmanship. 
Thursday, January 15, 2009
RBS Appears Ready to Appoint Sir Philip Hampton As Chairman
Deal Journal today cites a story in the UK’s Independent Sir Philip Hampton the current chair of the J Sainsbury Supermarket chain is likely to be selected as the Royal bank of Scotland’s (RBS) new chairman. RBS remains one of the UK’s biggest Banks suffering under the credit crisis. RBS’s recent CEO change was examined in a previous blog. RBS is now basically controlled by the UK government. According to the Independent,
If Sir Philip does accept the role, he will be taking on one of the toughest jobs in the international banking sector, as the Government-controlled RBS tries to navigate its way through a vast pile of toxic loans.
RBS has been among the biggest British banking casualties of the global financial crisis. It raised £12bn from its shareholders in the first half of last year, before accepting a further £20bn of taxpayers’ money last autumn in an attempt to stave off collapse. There are concerns in the City that a significant further deterioration in the quality of its assets could lead to the bank being wholly nationalised.
Management change seems to be following a similar pattern in the banking industry as circumstances continue to deteriorate more and more board are reluctantly looking for changes at the top. There remains a need for more and more changes in the boards as well. Keep a close eye on what actually transpires at RBS over the next week or two.
Monday, October 13, 2008
CEO Watch - Sir Fred Goodwin - Royal Bank of Scotland Update 2
Back in late August (see blog post) I placed Sir Fred Goodwin, the CEO of the Royal Bank of Scot
land, on my CEO watch list. It took a bank bailout from the government of the United Kingdom to get Sir Goodwin's head. According to a story by Jon Menon in Bloomberg, in exchange for the U.K. government bailout,
land, on my CEO watch list. It took a bank bailout from the government of the United Kingdom to get Sir Goodwin's head. According to a story by Jon Menon in Bloomberg, in exchange for the U.K. government bailout,..RBS will get 20 billion pounds, while HBOS and Lloyds will raise 17 billion pounds between them, the companies said in separate statements today. RBS Chief Executive Officer Fred Goodwin and HBOS CEO Andy Hornby will also step down
The Bank has appointed Stephen Hester as Sir Fred Goodwin's replacement as CEO. Hester has been the CEO of British Land one of the largest real estate firms in the U.K. He is
expected to institute a number of radical changes at the bank in light of the financial crisis. According to a different story in Bloomberg Hester,
may get rid of securities trading and consumer banking in the U.S. and corporate lending in Europe. He also may sell assets that outgoing CEO Fred Goodwin bought last year from Amsterdam-based ABN Amro Holding NV."There are no sacred cows,'' Hester, 47, said on a conference call with reporters today. "We will make material changes to strategy.''
One can assume the executive change at RBS and the U.K. investment in the bank will make for a more certain situation going forward. We will just have to wait and see. Stay tuned.
For more:
Subscribe to:
Posts (Atom)
