# Stephen Hester > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/Stephen_Hester > Markdown URL: https://mediated.wiki/source/Stephen_Hester.md > Source: https://en.wikipedia.org/wiki/Stephen_Hester > Source revision: 1354951141 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) {{Short description|British banker (born 1960)}} {{BLP sources|date=August 2024}} {{Use British English|date=September 2014}} {{Use dmy dates|date=September 2014}} {{Infobox person | honorific_prefix = [Sir](/source/Knight_Bachelor) | name = Stephen Hester | image = File:Stephen Hester FT Summer Party 2014.jpg | image_size = 200px | caption = Hester in 2014 | birth_date = {{Birth date and age|df=yes|1960|12|14}} | birth_place = [Yorkshire](/source/Yorkshire), England{{cite news|url=http://www.yorkshirepost.co.uk/business/diary/business-events-1-5777019|title=Business Events|newspaper=Yorkshire Post|accessdate=6 April 2018}} | education = [Easingwold School](/source/Easingwold_School) | alma_mater = [Lady Margaret Hall, Oxford](/source/Lady_Margaret_Hall%2C_Oxford) | title = Chairman, [Nordea Bank](/source/Nordea_Bank) and [easyJet](/source/easyJet) | occupation = Businessman | years_active = 1982–present | spouse = {{plainlist| * {{marriage|Barbara Abt|1991|2010|end=divorced}} * {{marriage|Suzy Neubert|2012}} }} | children = 2 }} '''Sir Stephen Alan Michael Hester''' (born 14 December 1960){{Cite web|title=Interview: Stephen Hester, the Square Mile survivor|url=https://www.thetimes.com/business-money/markets/article/interview-stephen-hester-the-square-mile-survivor-dtpv5q9jr|date=2021-04-14|work=The Sunday Times|last=Treanor|first=Jill|language=en|access-date=2024-05-28}} is a British business executive and banker who has been serving as chairman of [Nordea Abp](/source/Nordea) since 2022 and chairman of [easyJet](/source/easyJet) since 2021. He is also the former chief executive of [RSA Insurance Group](/source/RSA_Insurance_Group) and [British Land](/source/British_Land).{{cite news |url=https://www.thetimes.com/travel/destinations/uk-travel/england/london-travel/the-andrew-davidson-interview-towering-task-for-british-land-boss-pgrm7zgw0sd |title=Towering task for British Land boss|last=Davidson |first=Andrew|publisher=The Sunday Times|date=7 January 2007|access-date=13 October 2008 | location=London}} ==Early life== Hester is the eldest son of Ronald, a chemistry professor at the [University of York](/source/University_of_York), and Dr Bridget Hester, a psychotherapist.{{Citation needed|date=August 2024}} He was born in Ithaca, NY, US but grew up primarily in the village of [Crayke](/source/Crayke) in North Yorkshire.{{Citation needed|date=August 2024}} He was educated at [Easingwold School](/source/Easingwold_School) in North Yorkshire, a rural comprehensive school, and at [Oxford](/source/Oxford_University) where he studied at [Lady Margaret Hall](/source/Lady_Margaret_Hall%2C_Oxford), and after chairing the [Tory Reform Group](/source/Tory_Reform_Group), graduated with a first class honours degree in [Philosophy, Politics and Economics](/source/Philosophy%2C_Politics_and_Economics). ==Career== [[File:Vince Cable & Stephen Hester.jpg|thumb|left|Hester (right) with [Vince Cable](/source/Vince_Cable), 2013]] Hester has had an extensive business career including holding the chief executive position at three [FTSE 100](/source/FTSE_100) companies over a 17 year period.{{Citation needed|date=August 2024}} He began his career in 1982 with investment bank [Credit Suisse First Boston](/source/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|date=August 2024}} 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|date=August 2024}} From May 2000 to September 2001, he was Global Head of the Fixed Income Division.{{Citation needed|date=August 2024}} In May 2002, he joined [Abbey National](/source/Abbey_National) as Finance Director.{{Citation needed|date=August 2024}} The bank had significant financial problems stemming from its wholesale and life insurance activities.{{Citation needed|date=August 2024}} 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|date=August 2024}} The restructuring was successful and in 2004 the bank was sold at a significant gain to shareholders to Santander.{{Citation needed|date=August 2024}} In November 2004, Hester was appointed chief executive British Land succeeding Sir [John Ritblat](/source/John_Ritblat), the company’s founder.{{Citation needed|date=August 2024}} Hester was appointed non-executive deputy chairman [Northern Rock](/source/Northern_Rock) by [Chancellor of the Exchequer](/source/Chancellor_of_the_Exchequer) [Alistair Darling](/source/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](/source/Royal_Bank_of_Scotland).{{cite news|url=http://uk.reuters.com/article/Internal_ReutersCoUkService_12/idUKNOA84083920080218|archive-url=https://web.archive.org/web/20081015154744/http://uk.reuters.com/article/Internal_ReutersCoUkService_12/idUKNOA84083920080218|url-status=dead|archive-date=15 October 2008|title= Stephen Hester appointed to Northern Rock board|publisher=Reuters|date=18 February 2008|accessdate=13 October 2008}}{{cite news|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3185254/Stephen-Hester-moves-back-to-banking-as-new-head-of-RBS.html|title=Stephen Hester moves back to banking as new head of RBS|publisher=The Telegraph|date=13 October 2008|accessdate=13 October 2008|location=London|first=Jonathan|last=Russell}} ===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](/source/2008_financial_crisis).{{Citation needed|date=August 2024}} As part of that change, Hester was asked to leave British Land and replace [Fred Goodwin](/source/Fred_Goodwin) as Chief Executive of the RBS Group.{{Citation needed|date=August 2024}} 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|date=August 2024}} The task had been likened to defusing a financial bomb.{{Citation needed|date=August 2024}} 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|date=August 2024}} Hester was paid an annual salary of £1.1 million by RBS.{{cite news| url=https://www.theguardian.com/business/2013/feb/11/rbs-libor-mathematical-impossibility-john-hourican | location=London | work=The Guardian | first=Jill | last=Treanor | title=RBS chairman defends Stephen Hester's 'modest' pay | date=11 February 2013}} In 2012 he was offered a bonus of just under £1 million, but following some considerable pressure from politicians and the public, he declined the bonus.{{cite news|url=https://www.bbc.co.uk/news/uk-16783571|publisher=bbc.co.uk|title= RBS boss Stephen Hester rejects £4m bonus |first=Robert|last=Peston|date=30 January 2012 |accessdate= 31 January 2012 | location=London}} Later in 2012, in June, he declined his bonus for the following year after [RBS's computer problems](/source/2012_RBS_computer_system_problems).{{cite news|url=https://www.theguardian.com/business/2012/jun/29/rbs-stephen-hester-bonus-computer|work=The Guardian|title=RBS chief Stephen Hester gives up bonus over computer meltdown|first=Jill|last=Treanor|date=29 June 2012|accessdate=29 June 2012|location=London}} In June 2013 Royal Bank of Scotland announced that Hester would be stepping down as CEO in December 2013, after five years with the bank.{{Citation needed|date=August 2024}} ===RSA Insurance=== On 4 February 2014, Hester joined [RSA Insurance Group](/source/RSA_Insurance_Group), the FTSE100 insurer, as CEO.{{Citation needed|date=August 2024}} The company was also experiencing a [financial crisis](/source/financial_crisis) and Hester led significant restructuring efforts, streamlining and focusing the business, raising £750 million in a rights issue and changing management whilst cutting costs.{{Citation needed|date=August 2024}} The insurer responded well to these changes with substantial increases in earnings, dividends and share price.{{Citation needed|date=August 2024}} The Company accepted an all cash bid worth £7.2 bn in June 2021 from Intact of Canada and Tryg of Denmark. The 52% premium was a record for the sector.{{Citation needed|date=August 2024}} === Other appointments === In June 2016, Hester was appointed to the board of [Centrica](/source/Centrica) the FTSE 100 energy Group as Senior Independent Director which he stepped down from in June 2022.{{Citation needed|date=August 2024}} ===2021 onwards=== Hester joined the board of [easyJet](/source/easyJet), the European airline, on 1 September 2021, becoming chair on 1 December 2021.{{Citation needed|date=August 2024}} He was appointed lead independent director of [Kyndryl](/source/Kyndryl) in November 2021.{{Citation needed|date=August 2024}} In April 2022 Hester joined the board of [Nordea Bank abp](/source/Nordea) as vice chair, and became chair on 1 October 2022.{{Citation needed|date=August 2024}} ==Personal life== Hester married Canadian-born Barbara Abt in 1991, and they have two children together.{{cite web|url=https://www.independent.co.uk/news/business/news/stephen-hester-the-first-name-on-every-headhunters-hitlist-10477774.html |archive-url=https://ghostarchive.org/archive/20220525/https://www.independent.co.uk/news/business/news/stephen-hester-the-first-name-on-every-headhunters-hitlist-10477774.html |archive-date=25 May 2022 |url-access=subscription |url-status=live|title=Stephen Hester: the first name on every headhunter's hitlist|date=29 August 2015|website=independent.co.uk|accessdate=6 April 2018}}{{cite news|url=https://www.bbc.co.uk/news/business-16781550|title=Profile: RBS boss Stephen Hester|work=BBC News |date=6 April 2018|accessdate=6 April 2018}} They met when both were working for Credit Suisse. They separated and divorced in 2010.{{cite web|url=https://www.dailyrecord.co.uk/news/scottish-news/rbs-boss-splits-with-wife-of-20-1060914|title=RBS boss splits with wife of 20 years as pressure of saving bank takes toll|last=Dailyrecord.co.uk|date=4 June 2010|website=dailyrecord.co.uk|accessdate=6 April 2018}} In September 2012, Hester married Suzy Neubert, a former banker and wealth manager for the fund manager J.O. Hambro. It was a second marriage for both of them.{{cite news|url=https://www.thetimes.com/travel/destinations/uk-travel/england/london-travel/prufrock-for-hester-this-is-cupids-bonus-8zsngz7p0wt|title=Prufrock: For Hester, this is Cupid's bonus|first=Kate|last=Walsh|date=4 March 2012|access-date=6 April 2018|via=www.thetimes.co.uk}}{{cite web|url=http://www.cityam.com/article/impossible-job-was-too-hard-hester-finish|title=Impossible job was too hard for Hester to finish|first=Elizabeth|last=Fournier|date=13 June 2013|website=cityam.com|accessdate=6 April 2018}} The couple have four children. Hester bought the {{cvt|400|acre|adj=on}} Broughton Grange estate in Oxfordshire in 1992. One of Hester's passions is said to be development of the gardens and arboretum at the property, part of which was designed by landscape architect [Tom Stuart-Smith](/source/Tom_Stuart-Smith) and includes [pleached](/source/pleaching) limes, formal beds and five of the first Australian [Wollemi pine](/source/Wollemi_pine)s to be brought into the UK. For nine years Hester was a trustee of the Foundation and Friends of the [Royal Botanic Gardens, Kew](/source/Royal_Botanic_Gardens%2C_Kew).{{cite news|url=http://www.efinancialnews.com/content/2452150751|title=Profile: Stephen Hester|publisher=efinancialnews.com|date=13 October 2008|accessdate=13 October 2008}}{{cite web|title=Support Kew – Kew Foundation Board of Trustees |url=http://www.kew.org/support-kew/about-kew-foundation/board-of-trustees/ |publisher=Royal Botanic Gardens, Kew |access-date=24 July 2013 |url-status=dead |archive-url=https://web.archive.org/web/20140106040434/http://www.kew.org/support-kew/about-kew-foundation/board-of-trustees/ |archive-date=6 January 2014 }}{{cite news|last=Jenkins|first=Patrick|title=Lunch with the FT: Stephen Hester|url=https://www.ft.com/content/6f05854c-ce98-11e2-8e16-00144feab7de|accessdate=24 July 2013|newspaper=Financial Times|date=7 June 2013}} Hester enjoys tennis, running and shooting, as well as skiing, for which he owns a chalet in [Verbier](/source/Verbier), Switzerland.{{Cite web|title=Stephen Hester: the Mr Fixit of financial services|url=https://www.ft.com/content/d8728b76-8e3a-11e3-98c6-00144feab7de|last=Jenkins|first=Patrick|date=5 February 2014|website=Financial Times|access-date=2020-05-28}}{{Cite web|title=Profile: Stephen Hester|url=https://www.scotsman.com/news/opinion/letters/profile-stephen-hester-2511025|date=16 January 2010|website=The Scotsman|language=en|access-date=2020-05-28}} Hester also used to enjoy horse riding, as his first wife was a master of [fox hounds](/source/fox_hunting) in Warwickshire.{{Cite news|last=Eden|first=Richard|date=2009-11-14|title=Hunting ban comes into force for Labour's banker Stephen Hester|language=en-GB|url=https://www.telegraph.co.uk/news/newstopics/mandrake/6569875/Hunting-ban-comes-into-force-for-Labours-banker-Stephen-Hester.html|access-date=2020-05-28|issn=0307-1235}} Hester has in the past donated to the [Conservative Party](/source/Conservative_Party_(UK)).{{cite web |url=https://www.scotsman.com/news/opinion/letters/profile-stephen-hester-2511025 |title=Profile: Stephen Hester |website=scotsman.com |date=6 January 2010 |access-date=5 May 2024}} In the [2024 New Year Honours](/source/2024_New_Year_Honours) Hester was appointed [Knight Bachelor](/source/Knight_Bachelor) for services to Business and the Economy.{{London Gazette |issue=64269 |date=30 December 2023 |supp=y |page=N2}} ==References== {{Reflist}} ==External links== *[http://broughtongrange.com/ Broughton Grange website] {{s-start}} {{s-bus}} |- {{s-bef|before=[Fred Goodwin](/source/Fred_Goodwin)}} {{s-ttl|title=CEO of [The Royal Bank of Scotland Group](/source/The_Royal_Bank_of_Scotland_Group)|years=2008–13}} {{s-aft|after=[Ross McEwan](/source/Ross_McEwan)}} {{s-end}} {{DEFAULTSORT:Hester, Stephen}} Category:1960 births Category:Living people Category:Alumni of Lady Margaret Hall, Oxford Category:British chief executives of financial services companies Category:English chief executives Category:NatWest Group people Category:English bankers Category:People from Easingwold Category:British chief operating officers Category:British Land people Category:Knights Bachelor Category:Businesspeople awarded knighthoods --- Adapted from the Wikipedia article [Stephen Hester](https://en.wikipedia.org/wiki/Stephen_Hester) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Stephen_Hester?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.