(Sharecast News) - NatWest chair Howard Davies is to step down next year, the City veteran told shareholders on Tuesday.
Speaking at the bank's annual general meeting in Edinburgh, Davies said that, after nearly eight years on the board, it was "appropriate to initiate the search for my successor as chair in the coming months".
"This will allow time for a rigorous search process and an orderly handover, which I expect will take place some point before I reach nine years tenure in July 2024."
Nine year is the recommended limit under the UK's Corporate Governance Code, he noted.
Davies, 72, has held a range of senior roles in the City over the previous decades, including chair of the Financial Services Authority and deputy governor of the Bank of England.
He joined NatWest, which was rescued by the British government in a £45bn bailout following the 2008 financial crisis, in 2015.
During his tenure, the blue chip has returned to majority private ownership although the state retains a 41.5% holding.
Natwest (NWG)