RBS boss leaves just weeks after embarrassing Snapchat pictures were put on Instagram by his daughter
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This time, though, it may have cost Royal Bank of Scotland's chairman Rory Cullinan his job.
At the beginning of March this year, The Sun newspaper reported that Cullinan sent his 18 year old daughter Bridget a series of messages from the Snapchat app, saying he was "bored" at work. Although Snapchat puts a time limit on how long the recipient can view and download photos, videos or messages, his daughter took screen grabs on her phone and put them on the photo sharing app Instagram.
The images were sent with captions including: "Not a fan of board meetings xx", "Boring meeting xx" and "Another friggin meeting."
Now, only weeks later, RBS announced in a regulatory statement that Cullinan will leave the bank on April 30, 2015. The exit is a shock because Cullinan was promoted to lead the restructuring of RBS' investment banking arm on March 4 this year.
Cullinan was one of the highest paid bankers at RBS. He received £2.2 million in total from bonuses over the last six years and redeemed £1.2 million of shares. Following his promotion, he also secured another £2 million salary and rewards.
However, he is now on his way out.
The statement did not give a reason for Cullinan's departure. RBS's CEO Ross McEwan only said that "we would like to express our thanks to Rory for his very significant contribution to the rebuild of RBS over the past 6 years."
Cullinan said in a statement: "I am pleased and proud to have played a significant part in restoring RBS to a safe and sound agenda over the past 6 years."
The Telegraph first pointed out that Cullinan is leaving the bank only a few weeks after the publication of the Snapchat pictures. However, the Guardian newspaper suggested that Cullinan left the bank because he "disagreed with colleagues about how to implement strategy at the loss-making bank now run by McEwan."
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