RBS deputy to leave with £10m pension pot
Updated on 06 May 2009
The last surviving member of Sir Fred Goodwin's board at the Royal Bank of Scotland is set to leave the group - with a £517,000-a-year pension.
Deputy chief executive Gordon Pell, who earned £908,000 last year, will retire from the part-nationalised bank early next year.
The 60-year-old will take with him a pension pot worth £9.8 million.
Sir Fred's £650,000-a-year pension prompted a series of angry headlines and assurances from ministers that some of the money would be clawed back.
News on Tuesday of the departure of finance director Guy Whittaker made Mr Pell the last survivor from the board which oversaw the bank's ill-fated expansion - including the acquisition of ABN Amro in 2007.
Mr Pell, who joined RBS in 2000, was responsible for the company's UK retail banking arm. He will be replaced by Brian Hartzer, who joins from Australian bank ANZ.
Among other management changes, Paul Geddes, currently chief executive of the UK retail division, will instead head up its insurance business.
The changes mean all nine members of the bank's executive committee will have been appointed in the last 14 months, with seven joining since last October when the bank was propped up with £20 billion of taxpayers' cash.
Chief executive Stephen Hester said: "I am extremely pleased to have been able to move rapidly to assemble a strong leadership team. We have many challenges ahead but really great businesses on which to build."
The company was forced to write off billions on the ABN Amro deal and soaring bad debts.
RBS, which will give its next trading update on Friday, announced up to 9,000 job cuts in April as the firm looks to make £2.5 billion in cost savings over three years.
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