NatWest Group Names Rick Haythornthwaite as Chair -- Update
06 Settembre 2023 - 4:24PM
Dow Jones News
By Elena Vardon
NatWest Group has appointed experienced executive Richard
Haythornthwaite as its next chair, succeeding Howard Davies and as
the bank seeks to recover from the Nigel Farage scandal that lead
to the resignation of its CEO.
The British lender--which is 41% owned by the British
Government--on Wednesday said that Haythornthwaite will join the
board as a nonexecutive director on Jan. 8 and will take over the
chair role on April 15, when Davies stands down from the board.
The FTSE 100 bank said in April that Davies would be stepping
down before July 2024 after a nine-year tenure.
Haythornthwaite, who is chair of online retailer Ocado Group,
will be stepping down as a director of Globant and from his private
company directorships, except in the case of his position at the
Automobile Association, where he will transition from chair to
nonexecutive director, it said.
He has previously been chair at credit card company Mastercard,
energy group Centrica and railway operator Network Rail, among
others.
"Rick is a highly experienced Chair who combines a successful
commercial career with a deep knowledge of financial services
markets and technology, as well as a strong track record of
delivery at significant customer-facing organisations," Senior
Independent Director Mark Seligman said.
NatWest said he will be paid 775,000 pounds ($973,787.5) a year
for his role as chair upon assuming the position, in line with
Davies's fee.
In late July, Alison Rose was forced to step down from the chief
executive role after her conversation with a journalist about
former Coutts customer and ex-UKIP leader Nigel Farage fuelled a
backlash against the British bank.
Before Rose resigned, Davies said the episode was
"unsatisfactory, with serious consequences for the bank" and
resisted calls for him to step down, telling reporters in an
earnings call that he intended to continue to lead the board.
Paul Thwaite, CEO of the bank's commercial and institutional
business, is acting as interim CEO for an initial 12-month
period.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
September 06, 2023 10:09 ET (14:09 GMT)
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