Royal Bank of Scotland plc said on Thursday that Chief Executive Ross McEwan has resigned from his role, signalling a refresh of leadership and direction at the state-backed lender as it continues its journey to full private ownership. New Zealand-born McEwan, who has led RBS since October 2013, has a 12-month notice period and will remain in his position until a successor has been appointed and an orderly handover has taken place, the bank said. It is the second key change in RBS`s senior executive team in less than six months following the appointment of Katie Murray as the bank`s chief financial officer in December last year.

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The date of McEwan`s departure will be confirmed in due course and Alison Rose, the bank`s CEO of Commercial & Private Banking, is seen as one of the favourites to succeed him. "After over five and a half very rewarding years, and with the bank in a much stronger financial position it is time for me to step down as CEO," he said in a statement. "It has been a privilege to lead this great bank and to have worked with some really outstanding people in process."

RBS, which is currently more than 62 percent owned by the UK taxpayer, is hosting its annual general meeting on Thursday. It was bailed out by the UK government to the tune of 45 billion pounds ($58.06 billion) during the 2008 financial crisis and has spent the last decade cutting costs, restructuring its balance sheet, and refocusing on core domestic UK business and consumer lending.