The Board of NatWest Group plc has appointed Paul Thwaite as Group Chief Executive Officer and Executive Director with immediate effect. This follows his appointment on an initial 12-month basis in July 2023.
Paul Thwaite, NatWest Group CEO 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.”
Paul Thwaite has also been appointed as CEO and Executive Director of NatWest Holdings Limited, The Royal Bank of Scotland plc and National Westminster Bank Plc.
He previously served as a director of Motability Operations Group plc from 30 September 2016 to 1 March 2021.
Paul Thwaite’s remuneration package includes a base salary of £1,155,660 per annum, a fixed share allowance set at 100% of salary, standard benefit funding of £26,250 per annum and a pension allowance of 10% of salary on the same basis as the wider workforce.
Variable pay will consist of an annual bonus subject to performance, with a maximum opportunity of 100% of salary delivered equally in cash and shares and a Restricted Share Plan award with a maximum opportunity of 150% of salary delivered in shares. Paul Thwaite will be required to build up and maintain a minimum shareholding equal to 500% of salary.
