Stephen Hester: Difference between revisions

| alma_mater = [[Lady Margaret Hall, Oxford|Lady Margaret Hall]], [[Oxford University]]

| title = CEOChairman, [[RSANordea InsuranceBank]] Groupand [[easyJet]]

| spouse = {{plainlist|
* {{marriage|Barbara Abt|1991|2010|end=divorced}}<br/>
* {{marriage|Suzy Neubert|2012}}

| children = 2 (with Abt)

'''Sir Stephen A.Alan M.Michael Hester''' (born 14 December 1960)<ref name="ibtimestimes 2021">{{Cite web|title=Interview: Stephen Hester, Profile:the CEOSquare Behind Transformation ofMile RBSsurvivor|url=https://www.ibtimesthetimes.co.ukcom/business-money/markets/article/interview-stephen-hester-rbsthe-paysquare-bonusmile-liborsurvivor-fixing-467504dtpv5q9jr|date=20132021-0504-14|websitework=InternationalThe BusinessSunday Times UK|last=Treanor|first=Jill|language=en|access-date=20202024-05-28}}</ref> is ana EnglishBritish businessman and former banker,. theHe chiefis executive officer (CEO)chairman of [[RSANordea InsuranceBank]] Groupand [[easyJet]], and the former CEOchief executive of [[NatWestRSA Group|RBSInsurance Group]] and [[British Land]].<ref name="Times1">{{cite news |url=https://www.thetimes.co.uk/article/the-andrew-davidson-interview-towering-task-for-british-land-boss-pgrm7zgw0sd |title=Towering task for British Land boss|last=Davidson |first=Andrew|publisher=The Sunday Times|date=7 January 2007|accessdate=13 October 2008 | location=London}}</ref>

Hester is the eldest son of Ronald, a chemistry professor at the [[University of York]], and Dr Bridget Hester, a psychotherapist.{{Citation needed|date=August 2024}} He was born in Ithaca, NY, USAUS but grew up primarily in the village of [[Crayke]] in North Yorkshire.{{Citation needed|date=August 2024}} He was educated at [[Easingwold School]] in North Yorkshire, a rural comprehensive school, and at [[Oxford University|Oxford]] where he studied at [[Lady Margaret Hall, Oxford|Lady Margaret Hall]], and after chairing the [[Tory Reform Group]], graduated with a first class honours degree in [[Philosophy, Politics and Economics]].<ref name="Times1"/>

Hester has had an extensive business career including holding the Chiefchief Executiveexecutive position at three [[FTSE 100]] companies over thea last17 16year yearsperiod.{{Citation needed|date=August 2024}} He began his career in 1982 with investment bank [[Credit Suisse First Boston]], where he started in corporate finance and then served a year as the chairman's assistant.<ref name="Times1"/> He was appointed a Directordirector in 1987 and a Managingmanaging Directordirector in 1988 aged 27.{{Citation needed|date=August 2024}} Following stints as co-head European M&A and Investmentinvestment Bankingbanking, in 1996 he was appointed to the executiveExecutive boardBoard. Hester held the position of chiefChief financialFinancial officerOfficer and Head of Support Division, until May 2000.{{Citation needed|date=August 2024}} From May 2000 to September 2001, he was Global Head of the Fixed Income Division.{{Citation needed|date=August 2024}}

In May 2002, he joined [[Abbey National]] as Finance Director.{{Citation needed|date=August 2024}} The bank had significant financial problems stemming from its wholesale and life insurance activities.{{Citation needed|date=August 2024}} As part of its significant restructuring , he was given additional responsibilities as chiefChief operatingOperating officerOfficer for the wholesale and insurance arms of the bank as well as its support functions.{{Citation needed|date=August 2024}} The restructuring was successful and in 2004 the bank was sold at a significant gain to shareholders to Santander.{{Citation needed|date=August 2024}}

In November 2004, Hester was appointed Chiefchief Executiveexecutive of the FTSE 100 property company [[British Land]] succeeding Sir [[John Ritblat]], the company’s founder.{{Citation During Hester’s tenure the company was reshaped, dividends increased 125% and [[Earnings per shareneeded|EPS]]date=August doubled.2024}}

Hester was appointed non-executive deputy chairman of the newly nationalised [[Northern Rock]] by [[Chancellor of the Exchequer]] [[Alistair Darling]] in March 2008, a role which he resigned from in September 2008 to take a non-executive position on the board of [[Royal Bank of Scotland]].<ref>{{cite news|url=http://uk.reuters.com/article/Internal_ReutersCoUkService_12/idUKNOA84083920080218|archive-url=https://web.archive.org/web/20081015154744/http://uk.reuters.com/article/Internal_ReutersCoUkService_12/idUKNOA84083920080218|url-status=dead|archive-date=15 October 2008|title= Stephen Hester appointed to Northern Rock board|publisher=Reuters|date=18 February 2008|accessdate=13 October 2008}}</ref> a role which he resigned from in September 2008 to take a non-executive position on the board of [[Royal Bank of Scotland]].<ref>{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3185254/Stephen-Hester-moves-back-to-banking-as-new-head-of-RBS.html|title=Stephen Hester moves back to banking as new head of RBS|publisher=The Telegraph|date=13 October 2008|accessdate=13 October 2008|location=London|first=Jonathan|last=Russell}}</ref>

In October 2008, RBS , then the biggest bank in the world by assets, fell victimcontributed to the cause of the global financial crisis and neededwas recapitalisationbailed out by the UK Governmenttaxpayers.{{Citation needed|date=August 2024}} As part of that change, Hester was asked to leave British Land and replace [[Fred Goodwin]] as Chief Executive of the RBS Group.{{Citation needed|date=August 2024}}

The ensuing five years were ones of intense restructuring of RBS. Assets were reduced by some £720 billion and costs by c£4.2 billion.{{Citation needed|date=August 2024}} The task hashad been likened to defusing a financial bomb.{{Citation needed|date=August 2024}} In addition to restoring financial health the share price of RBS which had troughed at 90p equivalent, rose to 330p by the time he left the bank.{{Citation needed|date=August 2024}}

Hester was paid an annual salary of £1.1 million by RBS.<ref>{{cite news| url=https://www.theguardian.com/business/2013/feb/11/rbs-libor-mathematical-impossibility-john-hourican | location=London | work=The Guardian | first=Jill | last=Treanor | title=RBS chairman defends Stephen Hester's 'modest' pay | date=11 February 2013}}</ref> In 2012 he was offered a bonus of just under £1 million, but following some considerable pressure from politicians and the public, he declined the bonus.<ref>{{cite news|url=https://www.bbc.co.uk/news/uk-16783571|publisher=bbc.co.uk|title= RBS boss Stephen Hester rejects £4m bonus |first=Robert|last=Peston|date=30 January 2012 |accessdate= 31 January 2012 | location=London}}</ref> Later in 2012, in June, he declined his bonus for the following year after [[2012 RBS computer system problems|RBS's computer problems]].<ref>{{cite news|url=https://www.theguardian.com/business/2012/jun/29/rbs-stephen-hester-bonus-computer|publisherwork=The Guardian|title=RBS chief Stephen Hester gives up bonus over computer meltdown|first=Jill|last=Treanor|date=29 June 2012|accessdate=29 June 2012|location=London}}</ref>

On 12In June 2013 Royal Bank of Scotland announced that Hester would be stepping down as CEO in December 2013, after five years with the bank.{{Citation needed|date=August 2024}}

On 4 February 2014, Hester joined [[RSA Insurance Group]], the FTSE100 insurer, as CEO,.{{Citation replacingneeded|date=August Simon Lee.2024}} The company was also experiencing a financial crisis and Hester led significant restructuring efforts , streamlining and focusing the business, raising £750 million in a rights issue and changing management whilst cutting costs.{{Citation needed|date=August 2024}} The insurer has responded well to these changes with substantial increases in earnings, dividends and share price.{{Citation needed|date=August 2024}} The Company accepted an all cash bid worth £7.2 bn in June 2021 from Intact of Canada and Tryg of Denmark. The 52% premium was a record for the sector.{{Citation needed|date=August 2024}}

In autumnJune 2016, Hester was also appointed to the Boardboard of [[Centrica]] the FTSE 100 energy Group as Senior Independent Director which he stepped down from in June 2022.{{Citation needed|date=August 2024}}

==Personal=2021 lifeonwards===

[[Category:ChiefBritish chief operating officers]]