Former Royal Bank of Scotland head Stephen Hester is to join insurer RSA as CEO with immediate effect.
Hester (pictured), who was forced out of RBS in June last year over preliminary plans to re-privatise the bank, will be paid £950,000 in his new role, with a bonus of up to 300% of his salary. He replaces Stephen Lee, who quit RSA in December after the firm issued its third profit warning in six weeks. The firm also warned at that time that its dividend is at risk of being cut and admitted it had found accounting "irregularities" in its Irish division. The insurer's shares dropped almost 30% from their November highs as a result, to a low of 90p in mid-December. Today's announc...
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