RBS chairman departs earlier than expected

Royal Bank of Scotland's (RBS) chairman, Tom McKillop, has stepped down two months earlier than he intended.

In January, the company announced he would depart in April. His successor, Philip Hampton, has now taken over the role.

McKillop said, "While my retirement was originally planned for April 2009, I believe it is appropriate to bring this forward so that Hampton can complete the restructuring of the board, and work with the board and executive teams on the strategy going forward. I wish him and the board every success in this difficult financial and economic environment as they strive to restore the bank's prosperity."

RBS plans to announce its 2008 annual results on February 26. In January, the bank warned it expected to report multibillion-pound losses and writedowns associated with the 2007 takeover of parts of the Dutch bank ABN Amro.

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