Tuesday 04 February 2014 11:22 am

Ex-RBS boss Hester moves to CEO job at insurer RSA

Former boss of the state-backed bank RBS, Stephen Hester, has been appointed at the head of insurance group RSA.

He starts with immediate effect, and says that he is "delighted to be asked to lead RSA, an organisation with a 300-year heritage."

Hester said that the "challenges of recent months have demonstrated that we have not lived up to our stakeholders' expectations and performed to our true potential."

Not too complimentary there.

RSA shares have dropped by around 32p over the last year, and are now trading at around 98.2p.

Martin Scicluna, chairman of the insurer, says that Hester has "an outstanding track record of transforming the performance of businesses, bringing new energy and focus and implementing a challenging agenda".