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Pin to quick picksNatwest Share News (NWG)

Share Price Information for Natwest (NWG)

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Share Price: 319.30
Bid: 319.10
Ask: 319.30
Change: 1.50 (0.47%)
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Open: 318.10
High: 319.70
Low: 317.20
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Crisis-hit NatWest picks Haythornthwaite as chairman

Wed, 06th Sep 2023 14:54

Ocado chair set to take over as NatWest chair in April

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Incumbent Howard Davies had faced pressure to step down

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NatWest has been embroiled in damaging row with Nigel Farage

LONDON, Sept 6 (Reuters) - NatWest has chosen former Mastercard chairman Rick Haythornthwaite as its next chair, the bank said on Wednesday, as the British bank seeks to contain the fallout from a row with former Brexit party leader Nigel Farage.

Haythornthwaite, who is the current chair of groceries delivery firm Ocado, will join NatWest's board on January 8, 2024, and take over as chair from veteran Howard Davies on April 16, the bank said in a statement.

Britain's biggest business lender has been left reeling by revelations in recent months over a decision by its private bank Coutts to remove Farage as a customer, after a document emerged showing this was done partly over his views.

The repercussions of that decision ultimately led to NatWest CEO Alison Rose being forced to step down, as well as the boss of Coutts. Chairman Davies' position also came under investor pressure over his handling of the matter.

Davies had already announced his planned retirement, and said in April he would leave the bank as planned by next year, despite facing calls for him to leave sooner.

Farage said in a post on social network X that Davies seeing out his term was "a classic case of the establishment closing ranks".

Haythornthwaite said that he was inheriting a "very different NatWest" to his predecessor Davies, who oversaw a return to majority private ownership for the bank after its state rescue in the 2008 global financial crisis.

Sky News first reported Haythornthwaite was being lined up for the role, which is subject to regulatory approval.

NatWest shares were last down 0.7%, compared to a 0.2% dip for the FTSE 100 index.

CEO HUNTING

One of Haythornthwaite's first tasks will be to find a permanent successor to Rose, who had led the bank for nearly 4 years prior to her leaving in July after admitting to a "serious error of judgment" over discussing Farage's account with a BBC reporter.

NatWest appointed former commercial banking boss Paul Thwaite as interim CEO for an initial period of 12 months.

"First and foremost, NatWest needs to rebuild the trust of customers, investors, and the regulator – as we often find, trust is hard to build and easy to lose," said Matt Britzman, equity analyst at investment platform Hargreaves Lansdown.

Haythornthwaite chaired payments company Mastercard for 14 years before taking on the same role at British online supermarket Ocado in May 2021.

NatWest said in its statement that Haythornthwaite would step down from several roles, including as a director at software company Globant, but made no mention of his role at Ocado.

Ocado published a statement on Wednesday afternoon noting Haythornthwaite's appointment at NatWest, but provided no further comment on his role at Ocado. Ocado was not immediately available to answer questions.

The AA said in a statement that Haythornthwaite would be steeping down as the company's chairman, adding he would remain as a non-executive director.

He also previously worked as chairman at Centrica, Britain's largest energy supplier, and state-owned rail track owner Network Rail, which at the time attracted criticism from the government and unions over claims of excessive pay for top bosses.

Haythornthwaite will be paid 775,000 pounds a year, the same as his predecessor Davies, NatWest said in a statement. (Reporting by Lawrence White and Iain Withers in London, Additional reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D'Souza, Louise Heavens, Alexander Smith, Philippa Fletcher)

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7 Mar 2024 16:03

UK dividends calendar - next 7 days

Friday 8 March 
Aberforth Smaller Cos Trust PLCdividend payment date
Aberforth Split Level Income Trust PLCdividend payment date
Avon Protection PLCdividend payment date
Baronsmead Second Venture Trust PLCdividend payment date
Baronsmead Venture Trust PLCdividend payment date
Blackstone Loan Financing Ltddividend payment date
GCP Infrastructure Investments Ltddividend payment date
Majedie Investments PLCdividend payment date
Paragon Banking Group PLCdividend payment date
PRS REIT PLCdividend payment date
Renew Holdings PLCdividend payment date
Residential Secure Income PLCdividend payment date
S & U PLCdividend payment date
SSE PLCdividend payment date
Troy Income & Growth Trust PLCdividend payment date
Monday 11 March 
no events scheduled 
Tuesday 12 March 
Invesco Perpetual UK Smaller Cos Investment Trust PLCdividend payment date
Wednesday 13 March 
Tharisa PLCdividend payment date
Thursday 14 March 
abrdn PLCex-dividend payment date
abrdn UK Smaller Cos Growth Trust PLCex-dividend payment date
Alpha Real Trust Ltdex-dividend payment date
Anglo American PLCex-dividend payment date
Apax Global Alpha Ltdex-dividend payment date
Balanced Commercial Property Trust Ltdex-dividend payment date
Brooks Macdonald Group PLCex-dividend payment date
CRH PLCex-dividend payment date
Dunelm Group PLCex-dividend payment date
Entain PLCex-dividend payment date
Ferguson PLCex-dividend payment date
Fiske PLCex-dividend payment date
Galliford Try Holdings PLCex-dividend payment date
Haleon PLCex-dividend payment date
Heavitree Brewery A PLCex-dividend payment date
Heavitree Brewery PLCex-dividend payment date
JPMorgan Emerging Markets Invest Trust PLCex-dividend payment date
Lancashire Holdings Ltdex-dividend payment date
LPA Group PLCex-dividend payment date
Merchants Trust PLCdividend payment date
Murray Income Trust PLCdividend payment date
NatWest Groupex-dividend payment date
Real Estate Credit Investments Ltdex-dividend payment date
Treatt PLCdividend payment date
Tritax EuroBox PLC dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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