Paul Thwaite has been confirmed by Natwest’s board to be the new group CEO, as he is set to take home a £1.1m pay package
Thwaite has been serving in the role as an interim CEO following the scandal that saw former boss Alison Rose admitting she leaked a story about Nigel Farage’s finances to the BBC.
Since she stood down, the group has undertaken a rigorous and competitive search process, led by chair designate Rick Haythornthwaite along with support from a leading external search firm.
Haythornthwaite said that the “board agreed that [Thwaite] was the outstanding candidate and the right person to shape the future of NatWest”.
The update outlined Thwaite’s remuneration package which will include a base salary of £1,155,660 per annum, a fixed share allowance set at 100 per cent of salary, standard benefit funding of £26,250 per annum and a pension allowance of 10 per cent of salary on the same basis as the wider workforce.
Paul Thwaite, the new boss of Natwest
His annual bonus will be subject to performance, with a maximum opportunity of 100 per cent of salary delivered equally in cash and shares and a restricted share plan award with a maximum opportunity of 150 per cent of salary delivered in shares.
He will be required to build up and maintain a minimum shareholding equal to 500 per cent of salary.
Further details of his remuneration arrangements are set out in the 2023 directors’ remuneration report.
Commenting on his appointment, Thwaite said: “I want to thank the board for their support and the opportunity they have given me. It’s an honour to lead what, I believe, is a great business, which plays a vital role in the lives of the 19 million customers we serve. With that, comes a great sense of responsibility to succeed for our customers, colleagues, and shareholders.
“Our customers’ needs and expectations are changing at pace, as they engage with emerging technology, adapt to new social trends, and build ever more resilience to a fast-evolving world. I believe that NatWest, with its heritage, leading customer businesses, deep regional connections and financial strength, can be a trusted partner to customers during a period of change.
“It is an exciting time for our sector and our bank. I am confident we can shape the future of NatWest to deliver its full potential,” he added.