NatWest appoints new chairman nicknamed ‘Slick Rick’ in wake of Farage scandal

NatWest Group has appointed a new chairman known in City circles as “Slick Rick” to replace Sir Howard Davies following the Nigel Farage debanking scandal.

Rick Haythornthwaite, who recently called for military orders to be softened to boost diversity in the Armed Forces, will join the bank’s board on Jan 8 and take over from Sir Howard as chairman in April next year.

It comes after the taxpayer-backed lender was plunged into a crisis triggered by the debanking of former Brexit Party leader Mr Farage by Coutts, the private bank that NatWest owns.

Dame Alison Rose, NatWest’s chief executive, and Peter Flavel, the boss of Coutts, were forced to resign over the scandal.

Sir Howard came under fire after declaring he had “full confidence” in Dame Alison despite the chief executive admitting she provided inaccurate information to the BBC about why Coutts had closed Mr Farage’s accounts.

Dame Alison resigned hours later after the Government, which is NatWest’s biggest shareholder, raised concerns about her position.

Sir Howard faced calls to resign over his handling of the affair, notably from Mr Farage. NatWest previously said that Sir Howard was expected to step down from its board by July 2024.

Mr Haythornthwaite is one of Britain’s most experienced businessmen, having led the boards of companies including MasterCard, British Gas-owner Centrica and Network Rail.

In June, he authored a Government-commissioned report into pay and conditions for Armed Forces personnel, which proposed ways in which the military could create a more inclusive working environment.

The report said: “Equality, diversity and inclusion are increasingly important factors, combined with increasing levels of activism. The Armed Forces will likely need to accept a greater challenge to cultural norms.

“These might manifest in anything from how orders are given and received to changing perceptions about their histories and traditions.”

He has also previously headed the board of Creative England and was chairman of sustainability consultancy Xynteo.

In 2019, he donated £5,000 to Matt Hancock’s failed Conservative leadership bid, according to Electoral Commission records.

Mr Haythornthwaite said it was a “privilege” to take up the new role.

He said: “I am inheriting a very different NatWest compared to my predecessor; one that is more customer focused, financially resilient and well positioned to maintain its recent strong performance.

“I look forward to working with the Board to build on the exceptional progress made, so we can continue to support the UK economy and deliver for our customers and stakeholders.”

The bank, which remains 40pc owned by the taxpayer, has suffered a tumultuous few months amid the debanking scandal.

The row began in June after Coutts closed the former Brexit campaigner’s account with little notice.

The BBC subsequently incorrectly reported that he was debanked because he fell below Coutts’ wealth threshold.

However, The Telegraph later revealed that Coutts had closed Mr Farage’s accounts because his views did not align with the bank’s “values”. It also claimed he was seen as “xenophobic and racist”.

Mark Seligman, a senior independent director at NatWest, said: “Rick is a highly experienced chair who combines a successful commercial career with a deep knowledge of financial services markets and technology, as well as a strong track record of delivery at significant customer-facing organisations.”

Mr Seligman said the board has unanimously agreed on Mr Haythornthwaite’s appointment.

He will be paid £775,000 a year as chairman, in line with the current pay for Sir Howard.

Sir Howard said: “I am very pleased by the choice the Board has made and am confident that Rick’s experience and range of skills will complement and further strengthen the NatWest Board in the years to come.”