In the wake of a debanking row involving Nigel Farage, which led to the ousting of its chief executive, NatWest Group has appointed former Mastercard chair, Richard Haythornthwaite, as its new chairman. Known as Rick, Haythornthwaite is set to join the bank's board in January before assuming his role as chairman from Sir Howard Davies on April 15 next year.
Haythornthwaite, who will earn £775,000 annually as chairman, expressed his privilege to take on the role. He brings with him extensive experience from a decades-long business career, including his current role as chairman of Ocado (LON:OCDO) Group and a 17-year tenure at BP (NYSE:BP). He also served as the global chairman of Mastercard Inc (NYSE:MA). and is currently the chairman of the AA. However, he will be stepping down from this role while remaining on the board when he joins NatWest.
The incoming chairman acknowledged that he would be inheriting a "very different NatWest compared to my predecessor; one that is more customer-focused, financially resilient and well-positioned to maintain its recent strong performance." He added that he looks forward to working with the board to build on the exceptional progress made and continue to support the UK economy and deliver for customers and stakeholders.
Sir Howard Davies had intended to step down by July next year before the debanking saga unfolded. Despite calls for his resignation following Dame Alison Rose's abrupt departure in July, he remained in his role. Dame Alison admitted making a "serious error of judgment" when discussing former Ukip leader Nigel Farage's relationship with Coutts bank, owned by NatWest Group, with a BBC journalist. This led Mr Farage to state that Sir Howard "should have been sacked" over the debacle.
NatWest reported that it had been a "rigorous process" to find the right successor for the bank. Sir Howard expressed his confidence in Haythornthwaite, stating that his experience and range of skills would "complement and further strengthen the NatWest board in the years to come."
Under Dame Alison's leadership, NatWest grew its profits to £3.6 billion in the first half of this year, an increase of around £1 billion compared to the same period last year. Her exit came shortly after the board expressed full confidence in her position as chief executive. In July, Sir Howard noted that political reaction had made Dame Alison's position "untenable," but vowed to stay on at the bank until his planned resignation.
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