By Elena Vardon


NatWest Group has appointed experienced executive Richard Haythornthwaite as its next chair, succeeding Howard Davies and as the bank seeks to recover from the Nigel Farage scandal that lead to the resignation of its CEO.

The British lender--which is 41% owned by the British Government--on Wednesday said that Haythornthwaite will join the board as a nonexecutive director on Jan. 8 and will take over the chair role on April 15, when Davies stands down from the board.

The FTSE 100 bank said in April that Davies would be stepping down before July 2024 after a nine-year tenure.

Haythornthwaite, who is chair of online retailer Ocado Group, will be stepping down as a director of Globant and from his private company directorships, except in the case of his position at the Automobile Association, where he will transition from chair to nonexecutive director, it said.

He has previously been chair at credit card company Mastercard, energy group Centrica and railway operator Network Rail, among others.

"Rick is a highly experienced Chair who combines a successful commercial career with a deep knowledge of financial services markets and technology, as well as a strong track record of delivery at significant customer-facing organisations," Senior Independent Director Mark Seligman said.

NatWest said he will be paid 775,000 pounds ($973,787.5) a year for his role as chair upon assuming the position, in line with Davies's fee.

In late July, Alison Rose was forced to step down from the chief executive role after her conversation with a journalist about former Coutts customer and ex-UKIP leader Nigel Farage fuelled a backlash against the British bank.

Before Rose resigned, Davies said the episode was "unsatisfactory, with serious consequences for the bank" and resisted calls for him to step down, telling reporters in an earnings call that he intended to continue to lead the board.

Paul Thwaite, CEO of the bank's commercial and institutional business, is acting as interim CEO for an initial 12-month period.


Write to Elena Vardon at elena.vardon@wsj.com


(END) Dow Jones Newswires

09-06-23 1009ET