NatWest Group plc has announced that Paul Thwaite has been appointed as the Group Chief Executive for an initial period of 12 months, subject to regulatory approval. As the Group Chief Executive, Thwaite will receive an annualised fixed pay consisting of a salary of £1,050,000, a fixed share allowance of £1,050,000 (to be delivered in NatWest Group shares and released annually on a pro-rata basis over five years), and pension funding. He will also be eligible for an annual bonus of up to 100% of salary and a Restricted Share Plan (RSP) award of up to 150% of salary. Thwaite will also be eligible to receive variable pay awards for his previous role as CEO of the Commercial and Institutional business.
Alison Rose, who previously served as the Group Chief Executive, stepped down from the Board on 25 July 2023 and is currently serving her notice period. During this period, she will continue to receive her fixed pay, including a salary of £1,155,660, a fixed share allowance of £1,155,660 (payable in NatWest Group shares and released annually on a pro-rata basis over five years), and a pension allowance of 10% of salary. The treatment of Rose's share awards and other remuneration matters will be determined based on the findings of internal and external investigations relating to account closure arrangements at Coutts and associated events. Decisions on these matters will be made in accordance with the terms of the relevant share plan rules and policies, and malus and clawback provisions will continue to apply.
Further details regarding any decisions made in respect of Rose's share awards or other remuneration matters will be provided as and when such decisions are made.
NatWest Group Investor Relations:
Alexander Holcroft
Head of Investor Relations
+44 20 7672 1758
NatWest Group Media Relations:
+44(0)131 523 4205