The Royal Bank of Scotland (RBS), which has been propped up with taxpayers' money, has restructured its board, with seven directors moving out today itself.
The UK government has pumped in 20 billion pounds into RBS in return for stake in the bank.
RBS said that as part of revamping its board, seven non-executive directors would be retiring today.
"...The following non-executive directors will retire with effect from February 6, 2009: Bob Scott, Jim Currie, Bill Friedrich, Bud Koch, Janis Kong, Steve Robson and Peter Sutherland," the bank said in a statement.
Meanwhile, the bank would be appointing three new non-executive directors.
The bank noted that a restructured board with a smaller number of directors would be better able to engage effectively in the restructuring process of the company.
"These have been very challenging times for RBS and throughout the company's difficulties I know that the whole board served with great commitment and determination.
With several directors completing two or more terms or otherwise wishing to retire, now is the right time to reduce the size of the board, whilst ensuring an appropriate level of continuity in its key committees," RBS Group Chairman Sir Philip Hampton said.
