Royal Bank of Scotland Names New CEO

The Royal Bank of Scotland Group has appointed Ross McEwan as its new CEO, the company announced today.

"With his extensive experience in banking and the leadership that he has shown in his time at RBS, Ross will be a great Chief Executive for the Group," said RBS chairman Phillip Hampton in the company's statement.

Hampton added: "Five years on from its rescue, RBS is now a safe and strong bank -- our focus is now on building a really good bank for our customers and shareholders, returning the bank to private ownership, and playing our full part in supporting the U.K. economy."

Current CEO Stephen Hester said: "Ross has an outstanding track record and I congratulate him on being appointed RBS Chief Executive. He is a person of integrity who has been a valued colleague over the past year."

McEwan has been with RBS since September, 2012 as U.K. Retail CEO. His new position will take effect on October 1, 2013.

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