Ex-Natwest CEO Rose to get £2.4m pay package during notice period
Former Natwest chief executive Alison Rose (pictured) will get a £2.4m pay package for her 12-month notice period.
According to a statement from Natwest, Rose will continue to receive a salary of around £1.2m and a fixed share allowance of £1.2m in Natwest shares.
Rose is currently serving a notice period of 12 months after she admitted that she was the source behind a BBC story concerning the closure of Nigel Farage’s Coutts bank account.
The BBC story had alleged that the closure of the account was due to inadequate funds, but it transpired that the bank viewed Farage as a “reputational risk” due to his political views.
Natwest said that Rose will not be allowed to take on any new appointment with any third party during her notice period and that the payments she will receive during this time will be reviewed on a “continuing basis”.
Paul Thwaite, who has been appointed to the group chief executive role for a year subject to regulatory approval, will receive a salary of £1.05m and a fixed share allowance of £1.05m.
Thwaite is also eligible for an annual bonus up to a 100 per cent of his salary and restructured share plan award with a maximum value of 150 per cent of salary. This will be pro-rated in 2023 to reflect time spent in the role.
Natwest added that he will also be eligible for variable pay awards for his previous role as chief executive of commercial and institutional business.