RBS chairman McKillop steps down early

Royal Bank of Scotland said chairman Tom McKillop will step down today, three months earlier than expected, to allow his replacement…

Royal Bank of Scotland said chairman Tom McKillop will step down today, three months earlier than expected, to allow his replacement to oversee the British bank's restructuring.

Mr McKillop has been fiercely criticised for not checking the aggressive expansion of former chief executive Fred Goodwin. RBS has twice had to take state rescue funds in recent months and is now 70 per cent owned by the British government.

Philip Hampton, who was appointed deputy chairman and chairman-designate last month, will take over as chairman.

"While my retirement was originally planned for April 2009, I believe it is appropriate to bring this forward so that Sir Philip can complete the restructuring of the board and work with the board and executive teams on the strategy going forward," Mr McKillop said in a statement.