Former RBS CFO to replace HSBC director MacKay

Ewen Stevenson, the outgoing finance chief of Royal Bank of Scotland (RBS), is to replace HSBC director Iain Mackay, it has been announced.

HSBC confirmed yesterday that Mr Stevenson will takeover from Mr Mackay, who will retire as executive director and group finance director of the banking giant as he walks away with shares and options worth as much as £15.7m after 11 years at the bank.

The exact date of the handover has yet to be confirmed, with the appointment still subject to final regulatory approval, an HSBC spokesman said.

Mr Stevenson, who will join HSBC after four years as chief financial officer at RBS, which followed a stint at Credit Suisse. was widely seen as a contender to replace RBS chief executive Ross McEwan, but tendered his surprise resignation ahead of the lender’s AGM last month.

Mr Stevenson’s departure has now been interpreted as a sign that Mr McEwan will stay on as CEO of the bank at least until next year.

Yesterday’s announcement follows reports that Mr Stevenson had been approached by HSBC for the role, with RBS having said only that he was leaving to “take up an opportunity elsewhere”.

Edinburgh-based RBS did not confirm the date of his departure but said the departing finance chief would remain in his position to oversee an “orderly handover”.

It also said it was launching a search for his successor.

HSBC said it would pay Mr Stevenson £1.86m in fixed pay and pension, before discretionary bonuses. To replace his unvested bonus awards at RBS, the bank said it would grant him share awards of no more than £9m and a further payout of up to £1.6m to replace the bonus he would have earned at RBS for 2018.

HSBC’s newly installed chief executive John Flint thanked Iain Mackay for his service.

Mr Flint said: “He has played a leading role implementing group strategy, ensuring the firm’s compliance with regulatory standards and improving the quality of our financial reporting.

“I would like to thank Iain on behalf of the board for his unstinting commitment to HSBC and wish him well for the future.”