McKillop leaves RBS board early
NORTH West business leader Dr Tom McKillop today brought an early end to his turbulent reign as chairman of Royal Bank of Scotland.
The chemist and former chief executive of Cheshire-based pharmaceutical giant AstraZeneca, had been due to step down in April, but has opted to go now.
The once mighty RBS has seen its share price crumble and is now 70% owned by the Government after being forced to write off billions of pounds due to credit crunch losses and the disastrous acquisition of ABN Amro, the Dutch bank, last year.
Sir Tom, who still has a home near Macclesfield, has come in for criticism for not doing more to control former RBS chief executive Sir Fred Goodwin’s aggressive acquisition strategy .He will be replaced by Sir Philip Hampton.
He said today: “While my retirement was originally planned for April 2009, I believe it is appropriate to bring this forward so that Sir Philip can complete the restructuring of the board and work with the board and executive teams on the strategy going forward.
“I wish Sir Philip and the board every success in this difficult financial and economic environment as they strive to restore the bank’s prosperity.”
RBS employs more than 10,000 people in the North West, with the majority in Manchester.
