NatWest Group PLC has appointed Paul Thwaite as the Group Chief Executive Officer and Executive Director with immediate effect. This decision follows a rigorous and competitive search process led by Chair Designate Rick Haythornthwaite. Thwaite expressed his gratitude for the opportunity and emphasized the importance of leading a business that serves 19 million customers. He highlighted the evolving customer needs and expectations, expressing confidence in NatWest's ability to be a trusted partner during this period of change.
Thwaite's remuneration package, in accordance with the Directors' Remuneration Policy approved by shareholders, includes a base salary, fixed share allowance, standard benefit funding, and a pension allowance. Variable pay will consist of an annual bonus subject to performance and a Restricted Share Plan award. The package reflects pay restraint in comparison to the market, with any further increases subject to annual review based on satisfactory performance and development in the role.
Paul Thwaite has also been appointed as CEO and Executive Director of NatWest Holdings Limited, The Royal Bank of Scotland plc, and National Westminster Bank Plc. The Chairman of NatWest Group, Howard Davies, expressed confidence in Thwaite's leadership skills, emphasizing his ability to lead the bank forward.
The news release also includes contact information for NatWest Group Investor Relations and Media Relations for further inquiries.