NatWest Group plc has announced that Richard Haythornthwaite, known as Rick, will succeed Sir Howard Davies as Chair, pending regulatory approval. Rick will join the Board as an independent non-executive director on January 8, 2024, and will take over as Chair on April 15, 2024, when Sir Howard Davies steps down. The decision to appoint Rick as the new Chair was made unanimously by the Board after a rigorous selection process. Rick is described as a highly experienced Chair with a successful commercial career and a deep knowledge of financial services markets and technology. He has a strong track record of delivery at customer-facing organizations.
Sir Howard Davies expressed his confidence in Rick's appointment, stating that his experience and range of skills will complement and strengthen the NatWest Board. Rick himself expressed his privilege in assuming the role of NatWest Group Chair and acknowledged the significant progress made by the company. He looks forward to working with the Board to continue supporting the UK economy and delivering for customers and stakeholders.
Prior to his appointment as Chair of NatWest Group, Rick currently serves as the Chair of Ocado Group plc and a non-executive director of NYSE-listed Globant S.A. He also holds several private company directorships and serves as an advisory partner at investment bank Moelis & Co. Rick has previously held positions such as Global Chair of Mastercard Inc., Chair of Centrica plc, and Chair of Network Rail Limited, among others.
In terms of fees, Sir Howard Davies will receive payment for his service as a director, but no other remuneration or payment for loss of office will be made upon his departure. Rick Haythornthwaite's fee as Chair will be £775,000 per annum, the same as the current fee paid to Sir Howard Davies.
For further information, investors can contact Alexander Holcroft, Head of Investor Relations at NatWest Group, and media inquiries can be directed to NatWest Group Media Relations.