Second Senior Departure On The Cards For The Royal Bank Of Scotland
Nathan Bostock who is the current group finance director at the Royal Bank of Scotland, has made it clear he will leave his position at the bank less than three months after he took on the role. Bostock had let the board know he was going to resign in order for them to begin the search for his replacement. Instead of wasting any time sitting around he is about to become Santandar UK’s deputy chief executive and chief risk officer.
Until the Royal Bank of Scotland find a successor he will remain in his role, so he can oversee a handover of his responsibilities to the new person. At the moment there has been no news in regards to the person taking over the role of group finance director, but it is believed arrangements for the new individual will be announced in the not so distant future.
Share price drops as news about Mr Bostock is revealed
A similar situation arose during 2011, when Nathan Bostock was about to move to Lloyds group. However, the Royal Bank of Scotland revealed that he would be remaining with them and he has done so for the last couple of years. In the time preceding his role at the Royal Bank of Scotland Group he had spent the best part of ten years with Abbey National, where held a few positions one of which being chief financial officer.
A spokeswoman for the bank said the Royal Bank of Scotland Group could confirm Nathan Bostock’s intention to leave. After he had let the Board know of his decision to resign from the position of group finance director.
At the moment there has been no formal resignation, but if all goes to plan one can be expected soon. The spokeswoman then went on to say ‘details on arrangements for his successor will be announced in due course’.
With news coming out that Nathan Bostock will be leaving his role after just ten weeks, there was a drop of 1.5p in the share price for the Royal Bank of Scotland Group. This will be the second senior departure for the bank in 2013, after chief executive Stephen Hester was forced to quit this summer.