In a significant development for one of Britain's leading financial institutions, Sir Howard Davies has confirmed he will be stepping down as chairman of NatWest Group earlier than anticipated. The veteran banker, who has held the position since 2015, will officially depart in April 2024 following the bank's annual general meeting.
Leadership Transition Timeline
The transition plan sees Rick Haythornthwaite, currently chairman of Ocado Group and previously chair of Mastercard, taking over the reins. Haythornthwaite will join the NatWest board as chair-designate in November, allowing for a smooth handover period before assuming full responsibilities next spring.
Sir Howard's departure comes approximately nine months ahead of his originally planned retirement date. In an official statement, he expressed confidence in the bank's trajectory, noting that "with the bank in a strong position, it is clearly sensible to plan for an orderly succession."
Board Reshuffle and Strategic Direction
The leadership change forms part of a broader board reshuffle at the banking giant. Senior independent director Mark Seligman is also set to step down from his role, though he will remain on the board until July 2024.
This strategic move comes at a pivotal moment for NatWest, which continues to navigate the challenging economic landscape while managing the government's ongoing stake reduction. The Treasury's shareholding has decreased from 45% to below 39% over the past year, marking significant progress toward full private ownership.
New Chairman's Credentials
Rick Haythornthornwaite brings substantial financial services expertise to the role, having previously chaired Mastercard and served on multiple FTSE 100 boards. His appointment signals continuity in NatWest's strategic direction while bringing fresh perspective to the bank's leadership.
The incoming chairman faces several immediate challenges, including navigating ongoing economic uncertainty, managing the government's remaining stake, and maintaining NatWest's competitive edge in an increasingly digital banking landscape.
