The Board of Directors of NatWest Group has announced that Alison Rose has agreed by mutual consent to step down as Group Chief Executive with immediate effect.

Howard Davies, Chairman of the NWG Board stated:

“The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group. It is a sad moment. She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.”

Alison Rose said:

“I remain immensely proud of the progress the bank has made in supporting people, families and business across the UK, and building the foundations for sustainable growth. My NatWest colleagues are central to that success, and so I would like to personally thank them for all that they have done.”

For an initial period of 12 months, and subject to regulatory approval, the Board has appointed Paul Thwaite, the current CEO of the Commercial and Institutional business, to take over the responsibilities of leading NatWest Group. A further process will take place in due course to appoint a permanent successor.

Alison Rose was appointed as Group Chief Executive in 2019, having worked at the bank for more than 30 years.