Tuesday, February 04, 2014

Glutton for punishment

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. Hester, ousted from state-backed RBS last June by Britain's finance ministry, will take on an insurer that is reeling from an accounting scandal at its Irish business that left it with a 200 million pound ($325.89 million) hole in its finances.

Since RBS was ruined in part by its Irish operation, Ulster Bank, Hester has clearly become the go-to guy when the phrase "problematic Irish unit" appears in the corporate news.