RBS’s Machale, Last of Goodwin’s Directors, Said to Step DownGavin Finch
Royal Bank of Scotland Group Plc director Joseph Machale will step down, becoming the final board member appointed under former Chief Executive Officer Fred Goodwin to depart, according to person briefed on the move.
Machale, a non-executive director, has served on the board for about nine years, said the person, who declined to be identified because the move hasn’t been announced publicly. The lender hasn’t decided if he will be replaced, the person added.
RBS received a 45.5 billion-pound ($69 billion) government bailout in 2008 and 2009, the biggest bank rescue in the world, following its purchase of Amsterdam-based ABN Amro Holding NV’s investment banking and Asian assets three months before the credit crisis started.
The government replaced Goodwin as CEO with Stephen Hester and removed Chairman Tom McKillop and appointed Philip Hampton in his place. In Feburary 2009, seven non-executive directors stepped down as the government overhauled the board.
Sky News reported the move earlier today. Officials at the Edinburgh-based lender declined to comment.