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Stephen Hester
Sir Stephen Alan Michael Hester (born 14 December 1960) is a British business executive and banker who has been serving as chairman of Nordea Abp since 2022 and chairman of easyJet since 2021. He is also the former chief executive of RSA Insurance Group and British Land.
Hester is the eldest son of Ronald, a chemistry professor at the University of York, and Dr Bridget Hester, a psychotherapist.[citation needed] He was born in Ithaca, NY, US but grew up primarily in the village of Crayke in North Yorkshire.[citation needed] He was educated at Easingwold School in North Yorkshire, a rural comprehensive school, and at Oxford where he studied at Lady Margaret Hall, and after chairing the Tory Reform Group, graduated with a first class honours degree in Philosophy, Politics and Economics.
Hester has had an extensive business career including holding the chief executive position at three FTSE 100 companies over a 17 year period.[citation needed] 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. He was appointed a director in 1987 and a managing director in 1988 aged 27.[citation needed] Following stints as co-head European M&A and investment banking, in 1996 he was appointed to the Executive Board. Hester held the position of Chief Financial Officer and Head of Support Division, until May 2000.[citation needed] From May 2000 to September 2001, he was Global Head of the Fixed Income Division.[citation needed]
In May 2002, he joined Abbey National as Finance Director.[citation needed] The bank had significant financial problems stemming from its wholesale and life insurance activities.[citation needed] As part of its significant restructuring , he was given additional responsibilities as Chief Operating Officer for the wholesale and insurance arms of the bank as well as its support functions.[citation needed] The restructuring was successful and in 2004 the bank was sold at a significant gain to shareholders to Santander.[citation needed]
In November 2004, Hester was appointed chief executive British Land succeeding Sir John Ritblat, the company’s founder.[citation needed]
Hester was appointed non-executive deputy chairman 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.
In October 2008, RBS, then the biggest bank in the world by assets, was bailed out by UK taxpayers as part of the 2008 financial crisis.[citation needed] 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]
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] The task had been likened to defusing a financial bomb.[citation needed] 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]
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Stephen Hester
Sir Stephen Alan Michael Hester (born 14 December 1960) is a British business executive and banker who has been serving as chairman of Nordea Abp since 2022 and chairman of easyJet since 2021. He is also the former chief executive of RSA Insurance Group and British Land.
Hester is the eldest son of Ronald, a chemistry professor at the University of York, and Dr Bridget Hester, a psychotherapist.[citation needed] He was born in Ithaca, NY, US but grew up primarily in the village of Crayke in North Yorkshire.[citation needed] He was educated at Easingwold School in North Yorkshire, a rural comprehensive school, and at Oxford where he studied at Lady Margaret Hall, and after chairing the Tory Reform Group, graduated with a first class honours degree in Philosophy, Politics and Economics.
Hester has had an extensive business career including holding the chief executive position at three FTSE 100 companies over a 17 year period.[citation needed] 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. He was appointed a director in 1987 and a managing director in 1988 aged 27.[citation needed] Following stints as co-head European M&A and investment banking, in 1996 he was appointed to the Executive Board. Hester held the position of Chief Financial Officer and Head of Support Division, until May 2000.[citation needed] From May 2000 to September 2001, he was Global Head of the Fixed Income Division.[citation needed]
In May 2002, he joined Abbey National as Finance Director.[citation needed] The bank had significant financial problems stemming from its wholesale and life insurance activities.[citation needed] As part of its significant restructuring , he was given additional responsibilities as Chief Operating Officer for the wholesale and insurance arms of the bank as well as its support functions.[citation needed] The restructuring was successful and in 2004 the bank was sold at a significant gain to shareholders to Santander.[citation needed]
In November 2004, Hester was appointed chief executive British Land succeeding Sir John Ritblat, the company’s founder.[citation needed]
Hester was appointed non-executive deputy chairman 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.
In October 2008, RBS, then the biggest bank in the world by assets, was bailed out by UK taxpayers as part of the 2008 financial crisis.[citation needed] 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]
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] The task had been likened to defusing a financial bomb.[citation needed] 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]