NatWest Group's Paul Thwaite Confirmed as Permanent CEO After Seven Months as Interim

Paul Thwaite formally became the permanent Chief Executive Officer of NatWest Group on 16 February 2024, concluding an interim period of almost seven months during which he had led the bank following the departure of Alison Rose in July 2023.

Thwaite's appointment as interim CEO in July 2023 followed the resignation of Rose, who left the role amid controversy over a briefing to a journalist about the accounts of Nigel Farage.

THWAITE'S BACKGROUND

Thwaite came to the interim role with experience inside NatWest, having led the commercial banking division before being elevated to the top job.

PRIVATE OWNERSHIP TARGET

A central strategic objective for NatWest is the return to full private ownership, a goal that would end the British government's stake in the bank, which dates to the bailout of Royal Bank of Scotland during the 2008 financial crisis. At the time of Thwaite's appointment, the government retained a significant shareholding, and reducing that stake through market sales and directed buyback programmes has been a priority for both the bank and the Treasury.

NatWest set out Thwaite's remuneration package alongside the announcement.