LONDON (Reuters) -The chairman of NatWest Howard Davies, one of the most storied figures in UK finance, said on Tuesday he would leave the British bank by next year, paving the way for a leadership revamp of the lender still around 40% owned by the UK taxpayer.
At NatWest’s annual investor meeting in Edinburgh, banking veteran Davies said it was an appropriate time to start a search for his successor, as he approaches nine years as chairman – the recommended limit under UK corporate governance rules.
The British economist, who has steered Natwest through a sweeping restructuring and return to profitability, said he expected a handover to take place to his successor by July 2024.
Davies has been a key figure in the City of London for four decades, having previously held roles including 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 undergone a multi-year overhaul and deep cost-cutting since he took the role in 2015. He presided over its return to majority private ownership in March 2022 following its 45 billion pound bailout during the 2008 financial crisis.
NatWest also became one of few major British companies with women in its top two executive positions, with Alison Rose as CEO and Katie Murray serving as chief financial officer.
But his time at the bank has not passed without controversy. NatWest became the first bank to be hit with a criminal money laundering fine in 2021, while the lender has also faced criticism for past mistreatment of struggling small companies.
(Reporting by Iain Withers, editing by Sinead Cruise)
