Rick Haythornthwaite, formerly the chair of Centrica (OTC:CPYYY) PLC and Network Rail Ltd, is set to replace Howard Davies as the chair of NatWest Group PLC, as reported by Sky News on Wednesday. Haythornthwaite, who currently heads Ocado (LON:OCDO) Group PLC, will officially assume his new role on April 15, 2024.
The appointment comes in the wake of a controversy involving the de-banking of UK politician Nigel Farage by Coutts, a private bank owned by NatWest Group. The scandal led to the resignation of former NatWest CEO Alison Rose and Coutts' chief Peter Pavel.
Rose admitted to a "serious error of judgment" when she discussed Farage's relationship with Coutts with a BBC journalist. She suggested that Farage did not have sufficient funds to merit an account at Coutts, a claim that resulted in severe backlash from newspapers and the government.
Haythornthwaite's appointment is seen as a strategic move by the government, which owns 40% of NatWest. His extensive experience in financial services markets and technology, coupled with his successful commercial career, is expected to help the bank recover from its recent controversies.
The new chair has also previously overseen the takeover of VocaLink during his tenure at Mastercard (NYSE:MA). However, he faced challenges as chairman of distressed embedded banking firm Railsr, which was forced into a fire sale to a consortium of investors led by D Square (NYSE:SQ) Capital to prevent total collapse.
An official announcement regarding Haythornthwaite's appointment as chair of NatWest Group is expected soon.
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