Airline hire

Former RBS CEO Hester takes chair at easyJet

Hester smile vid

Stephen Hester: new role

Former Royal Bank of Scotland chief executive Stephen Hester is to become chairman of airline easyJet.

Mr Hester will join the board as a non-executive director on 1 September and will succeed John Barton as chairman on 1 December on an annual pay package of £314,568.

He will receive an annual fee as a non-executive director for the period from 1 September 2021 to 30 November 2021 of £62,914 pro-rata.

Mr Hester succeeded Fred Goodwin as chief executive of Royal Bank of Scotland in 2008 until 2013 and his focus was on turning around the bank from its near-collapse. He left after clashing with the Treasury over strategy.

He served as chief executive of RSA Insurance Group from February 2014 to May 2021 when it was sold to a Danish-Canadian consortium.

He was also chief executive of British Land and chief operating officer of Abbey National as well as holding a number of senior executive roles at Credit Suisse First Boston in London and New York.

He currently serves as a senior independent director of Centrica, having previously held a senior non-executive position as deputy chairman of Northern Rock.

He owns a 400-acre estate in Oxfordshire and is thought to have received about £16 million from the sale of his shares in RSA when the insurer was acquired.

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