NatWest Group PLC (LSE:NWG)’s retail banking boss will reportedly leave early next year as the lender readies itself for a return to full private ownership.
According to Sky News, David Lindberg will depart in the first quarter of 2025 after four years at the helm of the division, which has 13,000 staff and 17 million customers.
Lindberg was reportedly in the running to succeed Alison Rose as chief executive of the bank before Paul Thwaite’s appointment earlier this year.
Public ownership of NatWest fell below 10% last week as the Treasury continued to sell down its stake, taken after a bailout in the midst of the global financial crisis.
Lindberg's departure would coincide with plans by the lender to reportedly hike Thwaite's pay packet to around £6.5 million.
Shareholders are set to vote on the move, under a wider pay policy overhaul, in next spring's annual meeting.
Thwaite was paid £2.4 million last year, with boardroom remuneration having been a controversial topic for the lender since the government's bailout.
Shares were up 0.2% at 406.4p on Monday.