Taxpayer-backed Royal Bank of Scotland has appointed retail banking boss Ross McEwan as successor to outgoing chief executive Stephen Hester from October 1.
Mr McEwan will take on the top job on a £1 million salary and receive a £350,000 cash payment in lieu of pension.
He has asked to defer awards under his current role until 2017 and to forgo an annual bonus as chief executive for 2013 and 2014, but will be eligible for a long term incentive award next year.
The announcement came alongside half-year figures showing RBS swung out of the red with pre-tax profits of £1.4 billion against losses of £1.7 billion a year earlier, following its first two consecutive quarters of growth since 2008.
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