TOP RBS executive Rory Cullinan stepped down yesterday, after disagreeing with its board over the implementation of its investment banking strategy.
The executive chairman of the corporate and institutional banking arm has been in the role only for a matter of weeks, but has been at RBS as a turnaround specialist for six years.
Cullinan shot to undesired fame earlier this month after it emerged that he had sent his daughter pictures of himself complaining that meetings were “boring”. He sent the pictures with the Snapchat app, which automatically deletes photos, but she added them to the Instagram website.
His departure is not thought to be related to the images.
Instead, he is understood to have disagreed with the bank over how best to implement its strategy of reducing the size of its investment banking arm.
He is not the first casualty of this process. Former chief executive Stephen Hester left after he disagreed with the board and HM Treasury over the plans to shrink the unit.
“We would like to express our thanks to Rory for his very significant contribution to the rebuild of RBS over the past six years,” said chief executive Ross McEwan. “He has built and led the Asset Protection Scheme, Non-Core, RBS Capital Resolution and recently completed the very successful follow-on sale of Citizens post its initial public offering last year. We wish him every success in the future.”
Corporate and investment bank boss Chris Marks and capital resolution chief Mark Bailie will now share the role.