Martin Scicluna, Chairman of RSA, who has been acting in an executive capacity pending the appointment of a Chief Executive, will revert to Non-Executive Chairman.
Stephen was most recently Chief Executive Officer at Royal Bank of Scotland where he successfully led the UK’s largest ever corporate restructuring and recovery programme.
The Prudential Regulation Authority has approved his appointment at RSA, where he will lead efforts to plug the £200m capital shortfall the insurer recently discovered in its accounts.
With over 30 years’ experience in financial services and FTSE 100 businesses, Stephen has also served as Chief Executive of The British Land Company plc, Chief Operating Officer and Finance Director of Abbey National plc and held a number of senior roles at Credit Suisse First Boston in the UK and US.
Martin Scicluna, Chairman of RSA, said:
“I am extremely pleased that Stephen is joining RSA as our new Chief Executive. He is an exceptional business leader with extensive global financial services expertise. He has an outstanding track record of transforming the performance of businesses, bringing new energy and focus and implementing a challenging agenda to ensure significant value is delivered for customers and shareholders.
“His appointment follows a comprehensive global search process which produced a shortlist of excellent candidates. He has the unanimous support of all of the Directors and we are confident that, with the support of the Board and the Executive Team, he will work quickly to take the Group forward.”
Stephen Hester, said:
“I am delighted to be asked to lead RSA, an organisation with a 300-year heritage. RSA has grown into a global insurer with market leading businesses, talented and engaged staff and long-standing partners and customers.
"However, the challenges of recent months have demonstrated that we have not lived up to our stakeholders' expectations and performed to our true potential. We have an obligation to deliver shareholder value and excellent products and services that provide everyday protection for our customers.
“I look forward to getting started immediately and working closely with the Board on the business review to ensure that we are able to deliver strength and value to all of our stakeholders and re-emerge as an attractive solidly performing Group.”
