Ex-NatWest CEO Alison Rose joins private equity firm

Alison Rose

Former NatWest Group CEO Alison Rose has joined private equity firm Charterhouse Capital Partners as a senior adviser.

The move comes almost a year after she was forced to step down from NatWest following a row over the closure of Nigel Farage’s account with Coutts, the private bank run by NatWest.

Rose forfeited £7.6 million in outstanding pay and bonuses when she left NatWest because the bank’s board judged that she did not qualify as a “good leaver.”

She was entitled to receive her 2023 salary, pension and fixed-pay share allowance, which totalled about £1.75 million for the remainder of her notice period.

NatWest said on November 10, 2023: “Following the announcement that Ms Rose stepped down from her role by mutual agreement, it has been confirmed that good leaver status is not applicable under the relevant share plan rules.

“There is no change to the vesting schedule of her awards; any awards due to vest after her cessation of employment on 26 July 2024 will lapse.

“The current value of the unvested share awards that will lapse is £4,711,491. No finding of misconduct has been made against Ms Rose by NatWest Group.

“In addition, no bonus or variable remuneration will be paid to Ms Rose in respect of service during 2023.

“Had Ms Rose remained in role as Group Chief Executive for all of 2023 then under the approved DRP her maximum variable pay opportunity would have been £2,868,113, subject to satisfaction of relevant performance conditions.

“Cumulatively, the value of lapsed unvested share awards and the bonus or variable remuneration for 2023 that Ms Rose will forego totals £7,579,604.

“In accordance with the terms of the DRP, under the settlement agreement a payment will be made towards Ms Rose’s legal fees and outplacement support.

“This will be a maximum of £395,000 plus VAT for legal fees and £60,000 plus VAT for outplacement support …

“The board has confirmed that, in line with Ms Rose‘s service agreement, payment of her fixed pay elements will be made for the remainder of her contractual notice period, which will end on 26 July 2024.

“These contractual elements comprise salary, fixed share allowance and a pension allowance of 10% of salary and contractually agreed benefits in line with the terms of our approved Directors’ Remuneration Policy (DRP).

“The total value over the remainder of the notice period is £1,748,142.”