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Rick Haythornthwaite to Succeed Sir Howard Davies as Chairman of NatWest Group

By Mark Kleinman, City editor @MarkKleinmanSky

Wednesday 6 September 2023 10:16, UK

Rick Haythornthwaite, renowned chairperson for companies such as Centrica and Network Rail, is set to take over from Sir Howard Davies as the new chairman of NatWest Group. This decision comes after the recent controversy surrounding the de-banking of Nigel Farage.

Sources familiar with the matter have informed Sky News that Mr Haythornthwaite, who currently holds the chairmanship positions at Ocado and the AA, is expected to be appointed as Sir Howard Davies’s successor in the near future.

The announcement of his prospective appointment could be made as early as Wednesday, following the disclosure of this information. Mr Haythornthwaite is widely recognized as one of Britain’s most experienced business leaders, having successfully led various companies, including MasterCard International.

A close friend of Mr Haythornthwaite stated, “Rick has a strong passion for Britain and believes NatWest is a crucial company in the nation’s financial landscape.” The recent closure of Nigel Farage’s Coutts accounts has put NatWest, still majority-owned by the taxpayer with a stake of nearly 40%, through a tumultuous period.

The former CEO of NatWest, Dame Alison Rose, had previously informed a BBC journalist that the closure of the accounts was due to commercial reasons, which resulted in the publication of an erroneous story. However, it was later discovered that the bank had taken Mr Farage’s reputation and political views into consideration, igniting one of the most significant controversies the British banking sector has witnessed in years.

Sir Howard’s departure was always scheduled to take place before the bank’s annual meeting in 2024, and it is not expected to be significantly expedited. A spokesperson for NatWest declined to comment on this matter.

The AI legalese decoder can assist in this situation by analyzing any potential legal implications and risks associated with the appointment of Rick Haythornthwaite as the new chairman of NatWest Group. It can identify any potential conflicts of interest or regulatory concerns, ensuring transparency and compliance in the selection process. Additionally, the AI legalese decoder can provide insights into the impact of this decision on the bank’s reputation and stakeholder relations, helping to mitigate any potential fallout.

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