TAXPAYER-RESCUED Royal Bank of Scotland has appointed New Zealander Ross McEwan as its new chief executive.
Mr McEwan, who joined RBS as head of retail banking last year after holding a similar position at Commonwealth Bank of Australia, will replace outgoing CEO Stephen Hester from October 1.
Mr McEwan, 56, will take on the top job on a STG1 million ($A1.70 million) salary and receive a STG350,000 ($A596,049.05) cash payment in lieu of pension.
While he is eligible to receive a long term incentive award in 2014, the bank says he does not wish to be considered for an annual bonus in 2014 or for the remainder of 2013.
The announced appointment came alongside half-year figures showing RBS swung out of the red with pre-tax profits of STG1.4 billion ($A2.38 billion) against losses of STG1.7 billion ($A2.90 billion) a year earlier, following its first two consecutive quarters of growth since 2008.
The Edinburgh-based bank is 80 per cent government after it was bailed out in 2008 during the financial crisis with more than STG45 billion of taxpayer money.
Mr McEwan was passed over two years ago as CBA's head after being widely seen as having been groomed for the role.
The married father-of-two, then accepted an offer to become head of RBS's retail arm.
The resignation in June of his Mr Hester, amid claims of political interference, paved the way for Mr McEwan to take charge.
His appointment is being seen as politically acceptable - indicating a shift in emphasis towards the bank's more traditional high street branches as opposed to its investment side, associated with high-rolling City risk-takers.
Mr McEwan has already launched a STG700 million ($A1.19 billion) plan to improve RBS's branches and services, and has been scathing about the state of UK high street banking.
He reportedly told analysts earlier this year: "Having come into this market six months ago I've been quite surprised at how bad this industry is from a retail banking perspective. I'd even go as far as to say that there's not a good retail bank, and our job is to create that."
Eyebrows may be raised in the City about the background of a chief executive who reportedly spent his early career working in human resources, and once told an interviewer that he was "more comfortable with people than with figures".
In an article for an alumni magazine at Massey University, where he gained a business degree in the 1970s, Mr McEwan admitted that he had twice failed accounting exams.
He has worked in the insurance and investment industries for more than 25 years, including as managing director of stockbroking business First NZ Capital Securities and chief executive of AXA New Zealand.
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