NatWest Group Plc Chief Executive Officer Alison Rose is stepping down after a row over the way the British bank closed accounts held by politician-turned-pundit Nigel Farage, a move that came just hours after the board said she had their full confidence.
Rose, who has led the bank since November 2019, will leave by “mutual consent,” according to a statement in the middle of the night from the lender. Paul Thwaite, who runs the firm’s commercial and institutional business, will become interim CEO for 12 months. “A further process will take place in due course to appoint a permanent successor,” the statement said.
The announcement at around 1:30 a.m. in London came after the firm’s board — chaired by Howard Davies — hurriedly reconvened late on Tuesday to discuss Rose’s position with Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt both indicating her position was untenable.
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