Change at top
CEO and CFO leave NatWest Markets in executive shake-up
Robert Begbie: interim CEO
Royal Bank of Scotland boss Alison Rose has announced a change at the top of the division responsible for business products and services.
Chris Marks and Richard Place have stepped down as chief executive and chief financial officer of the NatWest Markets executive management team.
Mr Marks has also vacated the role chairman and Mr Place as a member of the supervisory board. An internal and external search is under way for successors with permanent appointments to be announced in due course.
During the search period, Robert Begbie, RBS treasurer, has been appointed interim NWM CEO and will join the NWM board and supervisory board. Robert Horrocks, RBS treasury finance director, has been appointed interim NWM chief financial officer. Mr Marks will remain with RBS until June 2020 and Mr Place until March 2020.
The interim RBS treasurer is Donal Quaid, RBS head of treasury markets.
Alison Rose: ‘re-shaping the bank’ (pic: Terry Murden)
Ms Rose, who took over as chief Executive on 1 November, said Mr Marks and Mr Place had set the foundations for the continuing transformation and simplification across NatWest Markets as RBS has been re-shaped to focus on serving its customers in the UK and Ireland, whilst also managing complex organisational changes around ring-fencing and Brexit.
“NatWest Markets plays a crucial role within RBS, allowing us to provide our customers with the products and services they need to succeed.
“Prior to joining Group Treasury, Robert worked in our markets division for many years and has the experience and expertise required to lead NatWest Markets.”
Mr Marks said: “I am proud to have been a part of the journey to transform the bank and I’d like to thank the many talented people I‘ve had the pleasure of working with.
“In the face of challenging operating conditions, we continued to provide market-leading products and services to our clients, whilst being relentless in improving efficiency.
“I wish the new leadership team all the best for the future and am confident that they can build on the considerable progress we have made in recent years.”
RBS and NWM will publish their annual results on 14 February.