NatWest to appoint Paul Thwaite as permanent CEO -Sky News
Reuters
Published Feb 14, 2024 17:38
Updated Feb 14, 2024 18:45
LONDON (Reuters) -British taxpayer-backed bank NatWest (LON:NWG) is preparing to appoint Paul Thwaite, its interim chief executive, as the permanent successor to former CEO Alison Rose, Sky News reported on Wednesday.
NatWest has been searching for a new CEO after Rose was forced to leave last year following a row between the bank and former Brexit party leader Nigel Farage over a decision to close his bank accounts at Coutts, which led to a political backlash.
Thwaite - NatWest's former head of commercial and institutional banking - was initially appointed last July as interim CEO for a period of 12 months.
A NatWest spokesperson said: "We do not comment on speculation."
Thwaite is seen as a well regarded and credible candidate for the role by colleagues and banking industry sources.
NatWest's next permanent CEO will be tasked with steering the bank through tough economic conditions and a heavily-anticipated sale of government shares in the company to the general public this year.
The bank remains 35% owned by taxpayers following its 45.5 billion pound ($57 billion) state bail out during the 2008-9 financial crisis.
Officials at UK Government Investments - which oversees taxpayers' interest in the bank - said this month the lender needed to find a permanent CEO before any retail sale, which could take place as early as June.
The bank has undergone a broader leadership shake-up in recent months, with former Mastercard (NYSE:MA) chairman Rick Haythornthwaite chosen to replace City veteran Howard Davies as chairman once he steps down in April.
NatWest said last week it had also hired UBS banker Emma Crystal to run its historic private bank Coutts, replacing Peter Flavel who also left last summer over the Farage scandal.
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Written By: Reuters
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