The Royal Bank of Scotland Group plc (RBS) announced Bruce Van Saun (currently Group Finance Director) is to become Chairman and Chief Executive of RBS Citizens Financial Group (Citizens), replacing Ellen Alemany who will retire from Citizens after more than 5 years service. Nathan Bostock (currently Chief Risk Officer) will become Group Finance Director. Nathan will be replaced by David Stephen (currently Deputy Group Chief Risk Officer) as Chief Risk Officer. The appointments will take effect on 1 October 2013 at which point Nathan will replace Bruce as an Executive Director of RBS.  All will be members of the Group Executive Committee.

Stephen Hester, RBS Chief Executive, said: "In the last four years we have made significant progress in making RBS a safer bank, better able to focus on the needs of its customers. Bruce has been an exceptional CFO and made an invaluable contribution to this progress. We are delighted that we are able to retain his talents as part of the Group's leadership team as he returns to the US to lead Citizens towards the partial IPO we announced in February. 

"I am pleased to welcome Nathan to the Board. Since returning to RBS in 2009 he has presided over our substantial restructuring programme and risk improvements and he will make a great Finance Director. David Stephen joined RBS in 2010 with this succession in mind and we are happy to have him as an able successor to Nathan. I look forward to working with Bruce, Nathan and David in their new roles.

"Ellen has provided important and valuable leadership to Citizens.  She steered Citizens through the most turbulent 2008/9 period and has driven its focused recovery plan since then.  Ellen has been a valued colleague to me and the Group Executive Committee of RBS.  We want to thank her for all she has done and look forward to working with her on a smooth transition"