Ross McEwan
Ross McEwan | |
|---|---|
| Born | July 16, 1957 New Zealand |
| Occupation | Banker |
| Years active | 1996–2024 |
| Known for | CEO of The Royal Bank of Scotland (2013–2019), CEO of National Australia Bank (2019–2024) |
Ross Maxwell McEwan (born 16 July 1957) is a banker from New Zealand who previously held the positions of CEO and managing director at National Australia Bank.
He led The Royal Bank of Scotland Group (RBS), a company listed on the FTSE 100, as CEO from October 2013 until October 2019.
Early life and education
McEwan attended Hastings Boys' High School and pursued higher education at Massey University, where he obtained a degree in business studies and human resources. He further advanced his qualifications by earning an MBA from Harvard Business School.
Career
McEwan’s initial executive leadership role was as CEO of Axa New Zealand from 1996 to 2002, following a decade-long tenure at National Mutual New Zealand, which was acquired by Axa in 1995. Subsequently, he served as CEO of First NZ Securities, the stockbroking division of First NZ Capital Securities, connected to Credit Suisse Group.
In 2003, he joined the Commonwealth Bank of Australia (CBA) as group executive for retail banking services. Despite being considered for the CEO position at CBA, he was not appointed to that role in 2011.
McEwan became part of RBS in August 2012 as head of retail banking and was elevated to CEO in 2013.
CEO of RBS
Taking on the CEO role at RBS in October 2013, McEwan was charged with steering the bank away from investment banking and scaling back its international operations to concentrate on retail banking within the UK.
In early 2014, he ignited debate by proposing that "free banking"—where customers with positive account balances are not charged fees—might be discontinued, suggesting this change would enhance clarity regarding banks’ funding structures.
On 25 February 2015, McEwan refused a £1 million share award, expressing a desire to avoid distractions related to his compensation during the bank’s recovery efforts. Nevertheless, his total earnings for that year amounted to £2.7 million. This announcement came shortly before RBS released annual results anticipated to be underwhelming due to regulatory penalties linked to foreign exchange market misconduct. At that time, the UK government held approximately an 80% stake in RBS.
In 2018, McEwan was questioned by the UK Treasury Committee concerning the handling of small businesses by RBS's Global Restructuring Group between 2008 and 2014. Nicky Morgan, chairing the committee, criticized what she perceived as a defensive stance and reluctance to admit errors in McEwan’s replies.
Resignation from RBS
In April 2019, McEwan announced his decision to step down prior to RBS's Annual General Meeting and release of first-quarter financial results, committing to remain until a replacement was appointed. Chairman Howard Davis commended McEwan for implementing a strategy that refocused the bank on its primary markets in the UK and Ireland, describing it as one of the most significant corporate turnarounds in the UK.
Throughout his leadership, McEwan emphasized upgrading RBS’s IT systems and introduced fintech projects aimed at fostering innovation within banking services.
He was honored as a Commander of the Order of the British Empire (CBE) in the 2020 New Year Honours for his contributions to the financial industry.
Move to National Australia Bank
On 19 July 2019, National Australia Bank named Ross McEwan as their Group Chief Executive Officer and Managing Director. NAB’s incoming chairman, Philip Chronican, praised McEwan’s broad international experience in financial services along with his thorough knowledge of the Australian banking sector.
Departure from National Australia Bank
On 7 February 2024, National Australia Bank announced Andrew Irvine as the incoming Group Chief Executive Officer and Managing Director, effective 2 April 2024, succeeding McEwan. Since 2020, Irvine had been leading NAB’s Group Executive Business and Private Banking division. Following a distinguished career in the financial and insurance sectors, McEwan stepped down from his role.
Personal life
McEwan met his spouse while playing basketball at Massey University. She earned a degree in food technology, and together they have two grown daughters. The family also owns agricultural property in New Zealand.