RBS finance director Whittaker to resign

Guy Whittaker, the finance director at the Royal Bank of Scotland, and the only remaining top level board member still at bank following its government rescue, is set to leave.



The 70 per cent state-owned RBS will publish its first quarter results tomorrow, which will include details of Mr Whittaker’s departure. He is expected to remain as finance director until a newperson is appointed, which could take as long as six months.

RBS’s chief executive Stephen Hester is likely to heap praise on Mr Whittaker, with whom he has worked closely with since taking the job last November. Mr Whittaker’s departure is set to cause some controversy, however, as he will be entitled to a pay off under the terms of his contract.

Hewas one of the key executives at the bank in the run up to its near collapse last October and worked closely with the bank’s now widely discredited former chief executive Sir Fred Goodwin.

RBS has come under intense public scrutiny in recent months after it was revealed that Sir Fred is being paid a pension ofmore than £700,000 a year. The details of Mr Whittaker’s compensation are yet to be finalised, but it is understood that it will not come in the form of pension entitlements.

He joined RBS in February 2006 after spending 25 years working for theUSbanking group Citigroup. Last year, he earned £829,000 in salary and another £282,000 in lieu of his pension entitlement.

UKFI, the body set up to manage the government’s stake in RBS will almost certainly be consulted on the size of Mr Whittaker’s pay off.

MrWhittaker will be one of a number of senior managers to leave the bank as part of new boss Stephen Hester’s overhaul of the group’s boardroom.

Mr Hester was keen to keep a small part of Sir Fred’s team in place to help unravel the mess the bank found itself in following the onset of the banking crisis. According to sources, Mr Hester now feels more established at RBS and is keen to fill the bank’s top jobs with his own appointments. On Tuesday he is likely to caution against over optimistic forecasts that the recession has reached its nadir.

RBS’s shares have performed better in recent weeks. Despite an annual fall of 84 per cent, the stock is up 116 per cent in the last three months

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: Experienced Recruitment Consultant

£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...

Recruitment Genius: Collections Agent

£14000 - £16000 per annum: Recruitment Genius: This company was established in...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...

Day In a Page

Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea
Tunisia fears its Arab Spring could be reversed as the new regime becomes as intolerant of dissent as its predecessor

The Arab Spring reversed

Tunisian protesters fear that a new law will whitewash corrupt businessmen and officials, but they are finding that the new regime is becoming as intolerant of dissent as its predecessor
King Arthur: Legendary figure was real and lived most of his life in Strathclyde, academic claims

Academic claims King Arthur was real - and reveals where he lived

Dr Andrew Breeze says the legendary figure did exist – but was a general, not a king
Who is Oliver Bonas and how has he captured middle-class hearts?

Who is Oliver Bonas?

It's the first high-street store to pay its staff the living wage, and it saw out the recession in style
Earth has 'lost more than half its trees' since humans first started cutting them down

Axe-wielding Man fells half the world’s trees – leaving us just 422 each

However, the number of trees may be eight times higher than previously thought
60 years of Scalextric: Model cars are now stuffed with as much tech as real ones

60 years of Scalextric

Model cars are now stuffed with as much tech as real ones
Theme parks continue to draw in thrill-seekers despite the risks - so why are we so addicted?

Why are we addicted to theme parks?

Now that Banksy has unveiled his own dystopian version, Christopher Beanland considers the ups and downs of our endless quest for amusement
Tourism in Iran: The country will soon be opening up again after years of isolation

Iran is opening up again to tourists

After years of isolation, Iran is reopening its embassies abroad. Soon, there'll be the chance for the adventurous to holiday there
10 best PS4 games

10 best PS4 games

Can’t wait for the new round of blockbusters due out this autumn? We played through last year’s offering
Transfer window: Ten things we learnt

Ten things we learnt from the transfer window

Record-breaking spending shows FFP restraint no longer applies
Migrant crisis: UN official Philippe Douste-Blazy reveals the harrowing sights he encountered among refugees arriving on Lampedusa

‘Can we really just turn away?’

Dead bodies, men drowning, women miscarrying – a senior UN figure on the horrors he has witnessed among migrants arriving on Lampedusa, and urges politicians not to underestimate our caring nature
Nine of Syria and Iraq's 10 world heritage sites are in danger as Isis ravages centuries of history

Nine of Syria and Iraq's 10 world heritage sites are in danger...

... and not just because of Isis vandalism
Girl on a Plane: An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack

Girl on a Plane

An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack
Why Frederick Forsyth's spying days could spell disaster for today's journalists

Why Frederick Forsyth's spying days could spell disaster for today's journalists

The author of 'The Day of the Jackal' has revealed he spied for MI6 while a foreign correspondent