Incoming NatWest chairman Rick Haythornthwaite to stand down from Ocado role

Rick Haythornthwaite will step down from his chairmanship of Ocado due to time commitments at the NatWest Group, which he will become chairman on April 15.

Haythornthwaite replaced former Marks & Spencer CEO Stuart Rose when he joined Ocado in January 2021, just after a 14-year stint as Global Chairman of Mastercard.

The 67-year-old has told the online supermarket chain that he will not seek re-election to the board at the next annual general meeting in April 2025.

He was chosen as NatWest’s chairman-designate last September after Sir Howard Davies said he would leave the banking giant in line with corporate governance rules that recommended people chair the board for a maximum of nine years.

“I have thought extensively about my workload, listened to all parties and reflected on how I ensure I perform effectively on all fronts,” said Haythornthwaite, non-executive director at NatWest since January 8.

He added: ‘With the benefit of time and greater visibility of the expected growth in listed portfolio needs, it has become clear that pressure on my time is likely to increase in the medium term.’

After starting his career at BP, where he became head of operations in Venezuela, Haythornthwaite has held a wide range of senior positions at major companies.

He was CEO of cement manufacturer Blue Circle until its takeover by French rival Lafarge, as well as engineering and information technology supplier Invensys.

Haythornthwaite also served on the board of Imperial Chemical Industries, ceramics manufacturer Cookson Group and British Gas owner Centrica.

In addition to his role at Ocado, Haythornthwaite is a non-executive director of the AA Group, chairman of fintech company Embedded Finance and a senior advisor at investment bank Moelis & Company.

His appointment to NatWest came amid the ‘debanking scandal’, which broke out after subsidiary Coutts closed the bank accounts of former British Independence Party leader Nigel Farage.

The saga resulted in Dame Alison Rose’s resignation as CEO when it emerged she had disclosed information about Farage’s financial affairs to a reporter.

She later forfeited £7.6million in bonuses, although she will still receive a £2.4million payout as part of her contract.

An investigation by law firm Travers Smith found NatWest had not broken the law in closing Farage’s accounts, but criticized the bank for “serious failings” in its treatment of the GB News presenter.

The controversy overshadowed a banner year for the Edinburgh-based company, which saw pre-tax profits rise to £6.2 billion in 2023, its best performance since the global financial crisis, thanks to higher interest rates and lending volumes.

NatWest Group shares were up 2.7 percent to 280.1p by late Thursday afternoon Ocado Group shares were 3 percent lower at 426.2p.