The Board of NatWest Group plc has appointed Paul Thwaite as Group Managing Director and Chief Executive Officer with immediate effect. This follows his appointment on an initial 12-month basis in July 2023.
Paul Thwaite, CEO of NatWest Group said:
“I want to thank the Board of Directors for the support and the opportunity they gave me. I am honored to lead what I believe to be a great business that plays a vital role in the lives of the 19 million customers we serve. With that, comes a great sense of responsibility for success for our customers, colleagues and shareholders.
Our customers’ needs and expectations are changing at a pace as they engage with emerging technology, adapt to new social trends and build greater resilience in a rapidly evolving world. I believe that NatWest, with its heritage, leading customer businesses, deep regional connections and financial strength, can be a trusted partner for customers in a time of change.
It’s an exciting time for our industry and our bank. I am confident that we can shape NatWest’s future to reach 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 was previously a director of Motability Operations Group plc from 30 September 2016 to 1 March 2021.
Paul Thwaite’s remuneration package includes a basic salary of £1,155,660 per annum, a fixed share bonus set at 100% of salary, standard benefits funding of £26,250 per annum and a pension allowance of 10% of salary on the same basis as the wider workforce.
Variable compensation will consist of an annual performance-based bonus with a maximum opportunity of 100% of salary delivered equally in cash and stock and a restricted stock plan award with a maximum opportunity of 150% of salary in stock. Paul Thwaite will be required to establish and maintain a minimum participation rate equal to 500% of salary.