Jun 25, 2018
HSBC hires RBS’s Ewen Stevenson with £10.6m deal
HSBC has agreed to pay Ewen Stevenson up to £10.6m to buy out the unvested bonuses of Royal Bank of Scotland's finance director in the first significant management appointment under the bank's new leadership team. Mr Stevenson is replacing Iain Mackay, who HSBC said on Monday was retiring after eight years in the job. Mr Stevenson said last month that he would stay at RBS to "Oversee an orderly handover of his responsibilities" and the bank is likely to impose a period of gardening leave before he can join its rival. Mr Stevenson, who announced his resignation from RBS late last month, was also a contender for the top job at his current employer, but people close to the 52-year-old New Zealander said the offer from HSBC was too good to turn down. Mr Flint thanked Mr Mackay "For his unstinting commitment to HSBC", and said Mr Stevenson was "Both a strategic thinker and a highly accomplished expert in his field" adding that the RBS executive "Brings a wealth of international experience and will be a welcome addition to the senior management team".
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