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atWest Group has named the previous Mastercard chair as its new chairman within the wake of the debanking row with Nigel Farage which led to its chief govt being ousted from the group.
City veteran Richard Haythornthwaite, often called Rick, will be a part of the financial institution’s board in January earlier than taking on from Sir Howard Davies when he stands down as chairman from April 15 subsequent yr.
Sir Howard had meant to step down by July subsequent yr earlier than the debanking saga unfolded, and remained within the function regardless of going through calls to resign following the abrupt departure of chief govt Dame Alison Rose in July.
Her exit got here after she admitted to creating a “serious error of judgment” in discussing the previous Ukip chief Nigel Farage’s relationship with financial institution Coutts, owned by NatWest Group, with a BBC journalist.
Mr Farage mentioned chairman Sir Howard “should have been sacked” over the debacle.
Incoming chairman Mr Haythornthwaite, who is ready to earn £775,000 a yr as chairman, mentioned it’s a “privilege” to tackle the function.
The businessman has held quite a lot of govt positions stretching throughout a decades-long profession in enterprise, together with his present function as chairman of Ocado Group and beforehand as international chairman of Mastercard Inc, and a 17-year lengthy tenure at BP.
I’m inheriting a really completely different NatWest in comparison with my predecessor; one that’s extra buyer targeted, financially resilient and nicely positioned to take care of its latest robust efficiency
He can also be the chairman of the AA however might be stepping down from the function, though he’ll stay on the board, when he joins NatWest.
He mentioned: “I am inheriting a very different NatWest compared to my predecessor; one that is more customer focused, financially resilient and well positioned to maintain its recent strong performance.
“I look forward to working with the board to build on the exceptional progress made, so we can continue to support the UK economy and deliver for our customers and stakeholders.”
NatWest mentioned it had been a “rigorous process” to search out the suitable successor for the financial institution.
Sir Howard mentioned: “I am very pleased by the choice the board has made and am confident that Rick’s experience and range of skills will complement and further strengthen the NatWest board in the years to come.”
Sir Howard mentioned in July that political response compelled out boss Dame Alison by making her place “untenable”, however vowed to remain on on the financial institution till his deliberate resignation.
Dame Alison’s exit got here shortly after the board mentioned it had full confidence in her place as chief govt.
The financial institution grew its income underneath the management of its former boss to £3.6 billion within the first half of the yr, a rise of round £1 billion in comparison with the identical interval final yr.
