NatWest Group Names Paul Thwaite as Permanent CEO — Update

By Ian Walker

NatWest appointed interim Chief Executive Officer Paul Thwaite to the role on a permanent basis, formally replacing Alison Rose who resigned in July after discussing the closure of Brexit campaigner Nigel Farage's account with a journalist.

The London-listed bank--which is 34.96% owned by the U.K. Government--said Friday that Thwaite's appointment is with immediate effect. He will receive a base salary of 1.156 million pounds ($1.5 million) a year and an annual performance-related bonus of up to 100% of salary in cash and shares, as well as other benefits.

"Paul has shown an unrivalled understanding of this business, our customers, and the opportunities for growth... The board agreed that he was the outstanding candidate and the right person to shape the future of NatWest," Chair Designate Rick Haythornthwaite said.

Prior to his appointment as interim CEO, Thwaite was chief executive of the bank's commercial & institutional segment and payments business, having previously led the commercial banking division as CEO since November 2019.

He was central to the group's strategy reviews in both 2014 and 2019, giving him a strong, enterprise-wide view, according to his biography on the bank's website.

"It is an exciting time for our sector and our bank. I am confident we can shape the future of NatWest to deliver its full potential," Thwaite said.

Rose resigned in July following her conversation with a journalist about the accounts of former Coutts customer and Brexit campaigner Nigel Farage that engulfed the British bank in a political drama.

She subsequently missed out on GBP7.6 million in bonuses and share awards, although NatWest said that no finding of misconduct had been made against Rose by the group.

Earlier this month, NatWest appointed Emma Crystal as the head of its wealth businesses arm and private bank Coutts, replacing Peter Flavel who stepped down from his role in July also following the controversy.

Crystal will take on the role this summer, subject to regulatory approval.

The U.K.'s stake in the bank resulted from the government's 2008 bailout of Royal Bank of Scotland, which bought NatWest in 2000 and rebranded the enlarged company as NatWest Group in 2020. The government spent GBP45.5 billion of taxpayer money on the bailout and at one point owned 84% of the bank.

The Chancellor is exploring options for a retail offer this year to sell down its stake further.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

February 16, 2024 02:36 ET (07:36 GMT)

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