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HomebanksEx-RBS boss Hester to become head of RSA

Ex-RBS boss Hester to become head of RSA

British insurer RSA has appointed former Royal Bank of Scotland boss Stephen Hester as its new chief executive with immediate effect, replacing Simon Lee who quit in December.

Stephen HesterSimon Dawson | Bloomberg | Getty Images

In a statement on Tuesday, RSA said its Chairman Martin Scicluna, who has held the role on an interim basis since Lee departed following a run of profit warnings and a probe into accounting issues at RSA's Irish arm, will return to his usual role.

Hester left state-backed RBS last June after the bank's board, pushed by Britain's finance ministry, decided it needed new leadership to prepare it for an eventual return to private ownership.

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