Former bank chief to lead RSA in wake of scandal

RSA Insurance has hired former Royal Bank of Scotland chief executive Stephen Hester to lead the UK insurer, as it seeks to restore its reputation after a scandal at its Irish unit.

Mr Hester, 53, succeeds Simon Lee, who quit the insurer in December after injecting a second round of capital into its Irish business within six weeks amid an accounting probe.

Mr Hester, who left RBS in October, will be paid an annual salary of £950,000 (€1.2m), the company said yesterday.