Royal Bank of Scotland

Lord Harrington of Watford Excerpts

Thursday 13th June 2013 Commons Chamber

[Sajid Javid]

The hon. Lady has made a good point overall about the importance of RBS’s operations in Northern Ireland and also in the Republic, which involve lending to both small businesses and consumers. RBS takes those operations seriously, and I know that it has been thinking carefully about how it can improve them further.

[Richard Harrington (Watford) (Con)]

Given Stephen Hester’s excellent career—he had previously spent two years at Abbey National and four years at British Land—and given that he has remained in such an important and high-pressure job for five years, it seems to me entirely reasonable for him to leave after completing the first phase of a major restructuring process, and to hand the business on to a chief executive who is more experienced in long-term matters.

[Sajid Javid]

As always, my hon. Friend has made a very good point. I agree with him that Stephen Hester has done a commendable job. Five years is a perfectly normal period for anyone to remain as chief executive of a major corporation, and that sentiment was reflected in Stephen Hester’s own comments since the announcement of his departure.