Former Commonwealth Bank executive Ross McEwan will replace Stephen Hester as CEO of the Royal Bank of Scotland on October 1.
RBS has been seeking to replace Hester since June. McEwan was tipped as the frontrunner in a two-candidate race earlier this week.
RBS is 81% owned by the UK Government, so McEwan – and his pay package – will be under close public scrutiny. Hester was reportedly pressured to leave by chairman Philip Hampton and finance minister George Osborne.
McEwan left CBA to join RBS as chief executive, UK Retail in August.
He was previously tipped as a favourite to replace Ralph Norris as CBA’s CEO and was reportedly interviewed for the top job, which eventually went to Ian Narev.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.