Ross McEwan, Chief of Royal Bank of Scotland (RBS), has resigned. He said it was the right time to leave the country as it was in a much "stronger financial position".
The news was announced before the Bank's Annual General Meeting in Edinburgh – five and a half years after he took over the management of the partially nationalized lender, with the goal of returning him to profitability after his year in 2008 and taking over the majority of the government's bailout
He reached the first goal after building the bank's post-crisis postponement program to focus on less risky activities.
The bank announced a profit for the second consecutive year in February.
However, RBS remains 62% owned by the taxpayer.
The bank said that the New Zealand citizen has a one-year notice, but will only remain in office until a successor is appointed.
Mr. McEwan said, "After over five and a half years, which are very rewarding and the bank is in a much stronger financial position, it's time for me to step down as CEO."
He added, "It's never easy to go somewhere like RBS.
"With much of the restructuring and a strong and profitable bank, I have implemented the strategy I set out in 2013 and now feel the time is right for me to step back and lead a new CEO to lead the bank."
RBS Chairman Howard Davies said, "The Board and I are grateful for the tremendous contribution Ross has made in one of the toughest jobs in banking.
"His successful implementation of the Bank's strategy to reorient its core markets here in the UK and Ireland has led to one of the UK's largest corporate histories."
More to follow …