The appointment is subject to regulatory approval.

Sir Howard, a former chairman of the Financial Services Authority, has resisted efforts to force him to resign early from NatWest after the row over politician Nigel Farage’s bank account being closed by NatWest company Coutts.

NatWest CEO Alison Rose resigned after the row over the closure of Mr Farage’s account and the alleged passing on of confidential information.

Mr Haythornthwaite will join the NatWest Group board as an independent non-executive director on 8 January and following a handover period will take over as chair on 15 April 2024, when Sir Howard Davies will step down. 

Mark Seligman, senior independent director, said: “At our AGM in April 2023 we announced that we would be commencing the search for Howard’s successor. Today’s announcement follows a rigorous process which I have led along with the senior independent directors from our ring-fenced bank.  After careful consideration of a number of high-quality candidates, the board has unanimously chosen Rick as our new chair.  

“Rick is a highly experienced chair who combines a successful commercial career with a deep knowledge of financial services markets and technology, as well as a strong track record of delivery at significant customer-facing organisations.”

Sir Howard Davies said: “I am very pleased by the choice the board has made and am confident that Rick’s experience and range of skills will complement and further strengthen the NatWest board in the years to come. I look forward to working closely with him to ensure a smooth handover next year.”

Mr Haythornthwaite said: “It is a privilege to assume the role of NatWest Group chair. I am inheriting a very different NatWest compared to my predecessor; one that is more customer focused, financially resilient and well positioned to maintain its recent strong performance. I look forward to working with the board to build on the exceptional progress made, so we can continue to support the UK economy and deliver for our customers and stakeholders.”

Mr Haythornthwaite is currently chairman of Ocado Group and a non-executive director of NYSE-listed Globant S.A. He also has a number of private company directorships which include chairing the AA, QiO Technologies Ltd and Railsr, alongside a role as an advisory partner at investment bank Moelis & Co.

Prior to taking up his appointment as chair of NatWest Group he will step down as a director of Globant S.A. and from his private company directorships, apart from the AA where he will transition to become a non-executive director.

Sir Howard was the first executive chairman of the Financial Services Authority from 1997 to 2003. The FSA was the UK financial services regulator, eventually transforming into the Financial Conduct Authority.