RBS finance boss Ewen Stevenson joins HSBC

Ewen Stevenson

HSBC Holdings plc announced that Iain Mackay will retire from HSBC and be succeeded as executive director and group finance director by Ewen Stevenson, who recently resigned from Royal Bank of Scotland.

HSBC group chief executive John Flint said: “Ewen is a highly experienced executive with a proven track record as a chief financial officer.

“He is both a strategic thinker and a highly accomplished expert in his field.

“He brings a wealth of international experience and will be a welcome addition to the senior management team.”

New Zealander Stevenson held the role of RBS chief financial officer since 2014.

Prior to this he was at Credit Suisse where his last role was co-head of the EMEA Investment Banking Division and co-head of the Global Financial Institutions Group.

Stevenson said: “I am delighted to be joining HSBC.

“I look forward to working with the board, John and his executive team.”

HSBC added: “Ewen Stevenson, aged 52, will join HSBC as executive director and group finance director of the company on a date to be agreed, at which time Iain Mackay will retire.

“The appointment is subject to final regulatory approval, will be subject to a 12 month notice period on either side, and election at the next annual general meeting of the company.

“His fixed remuneration will consist of a base salary of £700,000 per annum, a fixed pay allowance of £950,000 per annum and a pension allowance of £210,000 per annum (30% of base salary).

“He will also receive benefits in accordance with our approved Directors’ Remuneration Policy.

“On appointment Ewen Stevenson will be granted share awards to replace unvested The Royal Bank of Scotland Group plc (‘RBS’) awards which are forfeited as a result of him joining HSBC.

“The grant value of these awards will be limited to the lower of (i) the value of unvested awards determined by reference to the share price of RBS at the close of business on the day immediately preceding his appointment date, or (ii) £9m.

“Based on RBS’s closing share price on 22 June 2018, the value of the replacement awards would be approximately £7.75m, subject to any performance adjustments.

“Ewen Stevenson will also receive an award in lieu of any variable pay award from RBS for the 2018 performance year.

“This will be based on Ewen Stevenson’s maximum opportunity of £1.6m under RBS’s policy and the outcome of the 2018 scorecard, as disclosed in the 2018 annual report and accounts of RBS.

“The awards granted will, in general, match the performance, vesting and retention periods attached to the awards forfeited, and will be subject to any performance adjustments that would otherwise have been applied by RBS.

“For 2019 and future performance years, Ewen Stevenson will be eligible to be considered for discretionary variable pay according to the terms of our Directors’ Remuneration Policy, as approved by shareholders.”