The boss of NatWest Group’s high street branch network is to step down early next year as the company prepares for a return to full private sector ownership.
Sky News has learnt that David Lindberg, who joined NatWest just over four years ago, will leave in the first quarter of 2025.
He is said to have been a contender to run the group after Dame Alison Rose’s departure in the summer of 2023, but lost out to Paul Thwaite.
Mr Thwaite was then appointed as group CEO on a permanent basis earlier this year.
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As retail banking CEO, Mr Lindberg oversees a 13,000-strong workforce – one of the biggest in British high street banking.
The division has more than 17 million customers in the UK, and accounts for close to half the group’s annual profits.
Sources said that a successor would be appointed in due course.
The details of any payoff for Mr Lindberg were unclear on Monday.
An announcement about his exit is expected this week.
A former executive at Australian lender Westpac, the Canadian citizen also previously worked for the Commonwealth Bank of Australia.
News of his departure comes days after Sky News revealed that Mr Thwaite is being lined up for a significant increase in his potential pay package to about £6.5m.
Shareholders are being consulted on the move, which will be put to a vote at NatWest’s annual meeting next spring.
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Last week, the Treasury’s stake in NatWest fell to below 10%, paving the way for a return to full private ownership as soon as the first half of next year.
NatWest was bailed out with £45.5bn of taxpayers’ money during the financial crisis of 2008.
On Monday, its shares were trading at around 408p, giving it a market value of about £33bn.
A spokesperson for NatWest declined to comment.