RSA appoints former RBS boss Hester as new CEO

LONDON Tue Feb 4, 2014 11:33am EST

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LONDON Feb 4 (Reuters) - British insurer RSA has appointed former Royal Bank of Scotland boss Stephen Hester as its new chief executive with immediate effect, replacing Simon Lee who quit in December.

In a statement on Tuesday, RSA said its Chairman Martin Scicluna, who has held the role on an interim basis since Lee departed following a run of profit warnings and a probe into accounting issues at RSA's Irish arm, will return to his usual role.

Hester left state-backed RBS last June after the bank's board, pushed by Britain's finance ministry, decided it needed new leadership to prepare it for an eventual return to private ownership.

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