Bank AGM

Davies to step down as chairman of NatWest

Howard Davies

Howard Davies: appropriate time to leave (pic: Terry Murden)

NatWest (RBS) chairman Howard Davies today announced he will be stepping down next year and a search is under way for his successor.

He told today’s AGM in Edinburgh that he is approaching eight years on the board “so it is appropriate to initiate the search for my successor as chairman in the coming months.

“This will allow time for a rigorous search process and an orderly handover, which I expect will take place at some point before I reach nine years tenure in July 2024.

“That is the maximum recommended in the UK corporate governance code. 

“The search for my successor will be led jointly by the senior independent directors of NatWest Group and NatWest Holdings.”

Davies has been a City grandee, having previously been chairman of regulator the Financial Services Authority and deputy governor of the Bank of England.

In the 1980s he was a special adviser to Britain’s then-finance minister Nigel Lawson, and he later became director of the London School of Economics.

During his tenure, NatWest has returned to profitability, introduced a controversial rebrand from Royal Bank of Scotland, and appointed its first female chief executive.

However, he had not oversees its full return to private ownership following its £45 billion bailout in the 2008 financial crisis.

NatWest became the first bank to be hit with a criminal money laundering fine in 2021.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.