Citigroup chairman to join RBS |
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Published
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Fri, 23 Dec 2005 08:05
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LONDON: Sir Tom Mckillop, outgoing chief executive of AstraZeneca will replace Sir George Mathewson as the chairman of Royal Bank of Scotland.
The bank yesterday announced a top level shake-up hoping to quell investor concern that it might make another large acquisition. The bank had last year acquired Charter One in a $10.5bn (£6.04bn) deal.
Two of the top three positions at the helm have been filled by people from outside the organisation. The Edinburgh-based bank’s finance director Fred Watt will also be replaced by Citigroup’s Guy Whittaker. Both Whittaker and McKillop are British but both US experience.
Sir Tom, 62, was appointed deputy chairman of RBS in September after he announced his resignation from AstraZeneca. He is also a non-executive director for BP. Outgoing Sir George who has worked for RBS for 18 years will continue as an advisor for the bank after its annual general meeting in April next year. He was appointed chairman of RBS in April 2001.
Sir George was gracious in welcoming the bank’s new finance director Whittaker, saying he was “an experienced senior executive of the highest calibre”. Whittaker, 49, begins work at RBS from February next year, bringing “a breadth of international experience in financial services” to RBS, Sir George said.
Whittaker is currently group treasurer at Citigroup. The bank has grown from a Scottish-focused lender into one of the world’s largest banks and the eighth largest bank in the US.
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