HSBC Appoints RBS CFO Ewen Stevenson as Next Finance Director -- Update

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 [e-mail]

(END) Dow Jones Newswires

June 25, 2018 08:32 ET (12:32 GMT)

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