Mr Heythornthwaite is one of the UK's most experienced businessmen. Credit: Centrica/PA Archive
NatWest Group appoints former Chairman of Network Rail and MasterCard to replace Sir Howard Davies as chairman following Nigel Farage's debanking scandal.
Rick Heythornthwaite, who is currently Chairman of Ocado and AA, will join the bank's board of directors on 8 January and take over as Sir Howard. as chairman next April.
This comes after a taxpayer refund lender was plunged into a crisis caused by the bankruptcy of Mr. Farage by Coutts, a private bank owned by NatWest.
Dame Alison Rose, chief executive of NatWest, and Peter Flavel, CEO of NatWest, and Peter Flavel, boss of Coutts, were forced to resign due to the scandal.
Sir Howard came under fire after saying he had «total confidence» in Dame Alison despite the CEO admitting she gave the BBC inaccurate information about why Coutts closed Mr Farage's accounts
Dame Alison resigned hours after the government, which is NatWest's largest shareholder, raised concerns about her plight.
Sir Howard has faced calls to step down due to how he handles this case, in particular from Mr. Farage's side. NatWest previously reported that Sir Howard is expected to leave his post in July 2024.
Sir Howard Davies has come under fire after claiming he has «full confidence» in Dame Alison Rose. Photo: Jason Alden/Bloomberg
Mr Heythornthwaite is one of Britain's most experienced businessmen. He has chaired the boards of directors of companies such as MasterCard, the British gas company Centrica and Network Rail.
He also chaired the board of directors for Creative England and oversaw an analysis of how the Army could attract new recruits, which reported to the government earlier this year.
Mr Heithornthwaite said it was a «privilege» for him to join to a new position.
He said: “I inherited a completely different NatWest from my predecessor; one that is more customer-focused, financially sound and well positioned to maintain its recent strong performance.
“I look forward to working with the Board of Directors to build on the exceptional progress made so that we can continue to support the UK economy and deliver value to our clients and stakeholders.”
The bank, which remains 40% owned by the taxpayers, had a turbulent few months due to the debanking scandal.
The quarrel began. in June after Coutts closed the account of a former Brexit campaigner without notice.
Subsequently, the BBC erroneously reported that he was denied access to bank accounts because he fell below Coutts' wealth threshold.
However, The Telegraph later reported that Coutts closed Mr Farage's accounts because his views were not aligned with bank's «values». . It also claimed that he was considered «xenophobic and racist.»
Mark Seligman, senior independent director at NatWest, said: «Rick is a highly experienced chairman who combines a successful commercial career with a deep knowledge of financial services and technology , as well as successful experience in large customer service organizations.”
Mr. Seligman announced that the Board of Directors had unanimously approved the appointment of Mr. Heitornthveit.
As chairman, he will receive £775,000 a year, which is Sir Howard's current salary.
Sir Howard said: «I am very pleased with the choice the Board has made and I am confident that Rick's experience and wide range of skills will complement and more strengthen the NatWest Board of Directors more in the coming years.”
Nigel Farage's Banking Scandal
Свежие комментарии