2 May 2014 07:01
2 May 2014
The Royal Bank of Scotland Group plc ("RBS")
Board change
RBS has previously announced that Nathan Bostock, Group Finance Director, would be leaving the business and that Ewen Stevenson is to join RBS as an Executive Director and Chief Financial Officer. RBS can confirm that Mr Bostock will cease to be Group Finance Director on 19 May and will step down from the Board on 28 May 2014.
Termination arrangements
In line with his contractual arrangements and the circumstances of his departure, Mr Bostock will not receive any compensation for loss of office. Mr Bostock will continue to receive salary, pension and benefit funding up to the point his employment ceases on 18 August 2014. No other remuneration payment will be made in connection with his departure.
In accordance with the rules of the relevant share plans, Nathan Bostock's outstanding share awards under the RBS Long-term Incentive Plan, Deferral Plan and Medium-term Performance Plan have lapsed and his outstanding award under the Executive Share Option Plan (an option to purchase 207,467 RBS shares at an option price of £4.62) will lapse on his final date of employment.
For further information contact:
Group Media Centre +44 131 523 4205