RBS appoints Katie Murray chief financial officer

Katie Murray

Royal Bank of Scotland Group plc (RBS) announced on Tuesday the appointment of Katie Murray as executive director and chief financial officer (CFO), with effect from January 1, 2019.

Murray’s remuneration package includes a base salary of £750,000 per annum and “a fixed share allowance of £750,000 per annum.”

Murray joined RBS as director of finance in November 2015 and was appointed deputy CFO in March 2017. 

Murray was appointed interim CFO when Ewen Stevenson left RBS at the end of September 2018.

Murray will also be appointed as executive director and CFO on the boards of NatWest Holdings Limited, The Royal Bank of Scotland plc, National Westminster Bank Plc and Ulster Bank Limited.

RBS chairman Howard Davies said: “I am pleased to welcome Katie to the RBS board following a successful period as interim CFO.

“Katie brings nearly 30 years of finance and accounting experience in capital management, investor relations and financial planning to the role. 

“She has already contributed significantly to RBS over the last three years as the bank has resolved its last major legacy issues, returned to profit and restarted paying dividends.

Murray said: “I am delighted to take up this role and look forward to working with my colleagues on the board, the executive committee and across RBS as we continue to build a bank that is simple and safe for customers, produces positive returns for shareholders and makes a major contribution to the UK economy.”

Murray was previously group finance director at Old Mutual Emerging Markets, based in Johannesburg from 2011-2015, having held various roles in Old Mutual from 2002.

Prior to this Murray worked at KPMG for 13 years. She is a chartered accountant having trained in Scotland and is a member of The Institute of Chartered Accountants of Scotland.

Explaining Murray’s compensation arrangements, RBS said: “The remuneration package includes a base salary of £750,000 per annum and a fixed share allowance of £750,000 per annum.

“Pension funding has been set at 10% of salary.

“This rate of 10% is in line with the pension rate applicable to the wider RBS workforce and recognises emerging best practice under the UK Corporate Governance Code and investor guidelines.

“Any variable pay awards for performance year 2019 onwards will be delivered as long term incentive awards, with a maximum award of 200% of salary.

“Katie will be required to build up and maintain a minimum shareholding of 250% of salary.”