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Early exit for RBS chairman

ROYAL Bank of Scotland Chairman Sir Tom McKillop resigned yesterday, two months earlier than he had planned.

He said he was stepping down so his successor, Sir Philip Hampton, could complete his restructuring of the board. Hampton was deputy chairman.

The bank has been hit hard by the global financial crisis, and the British government now owns 70 percent of its shares. RBS has said it is likely to post the biggest full-year loss in British corporate history, up to 28 billion pounds (US$40 billion).

RBS shares were up 2.5 percent at 20.9 pence on the London Stock Exchange.


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