Resignation of NatWest CEO

Alison Rose, the former chief executive of NatWest, who recently resigned amidst a controversy involving Nigel Farage, is set to receive a substantial sum of £2.4 million ($3 million), according to a filing released on Wednesday.

In terms of her compensation package, Rose will receive a salary of £1.16 million, along with a fixed-share allowance of £1.16 million in NatWest shares. This allowance will be released annually over a span of five years. Additionally, she will be entitled to a pension allowance equivalent to 10% of her salary, which amounts to £116,000.

Though it remains unclear if she will obtain any bonuses, it is worth noting that Rose is currently serving a 12-month notice period during which she is prohibited from taking on new positions.

The U.K.-listed shares of NatWest have experienced a decline of 16% this year.

Prior to her resignation, Rose was widely recognized for her successful stewardship of the U.K. bank, which continues to be partly owned by the government.

Rose stepped down after admitting that she was the source of a story aired by the BBC, suggesting that Farage had his account terminated due to falling below Coutts’ wealth threshold. Coutts is a NatWest subsidiary catering to high-net-worth individuals. However, Rose neglected to disclose that a Coutts document, subsequently made public by Farage, had stated that the former leader of the UK Independence Party “did not align with our values.”

Her successor, Paul Thwaite, will be receiving a salary of £1.05 million and an identical fixed share allowance. Thwaite will also have the opportunity to earn annual bonuses based on the company’s performance, in addition to being eligible for bonuses related to his previous role as CEO of the commercial and institutional business.

Leave a Reply

Your email address will not be published.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

Related Posts