New Natwest chairman quits Ocado role

THE new chairman of Natwest is to quit the board of Ocado to free up more time to focus on the bank.

Rick Haythornthwaite, who takes over as Natwest chairman on April 15, said he would stand down as chairman of the online grocer in April 2025 so he can better manage his time.

The City grandee is also chairman of the AA and will continue in this role after taking the Natwest position.

He said: “With the benefit of time and greater visibility of the expected growth in requirements of the publicly listed portfolio, it has become evident that pressure on my time is likely to increase over the medium term.”

Tim Steiner, the Ocado chief executive, said: “Needless to say, we will be disappointed to lose Rick but we fully understand the reasons why he is stepping down as chair to focus on his new role at Natwest.

“We are pleased that he will continue as chair for the next 12 months, allowing plenty of time to find a suitable replacement and ensure an orderly transition.”

Mr Haythornthwaite will replace Sir Howard Davies as Natwest’s chairman. Alongside new chief executive Paul Thwaite, he will be in charge of reviving the lender after a bruising few years.

The debanking scandal involving Nigel Farage led to the bank’s worst crisis in a decade and the exit of former chief executive Dame Alison Rose.

The Treasury is also planning to sell the taxpayers’ near-30pc stake in Natwest this year, adding to the complexities of the board role.

Without action, My Haythornthwaite could have faced opposition from shareholders who have voting policies on “over boarding”, where non-executives are seen to hold too many roles.

Although voting policies vary by fund manager, many place strict caps on the number of board seats a person can hold.