NatWest backs away from top job for Sandler
Thursday 23 December 1999
Sir David, who had been chairman only since May, brought in Mr Sandler in October to replace Derek Wanless as chief executive, saying afterwards that he believed Mr Sandler would make a strong candidate for chief executive once the NatWest board had had more time to get to know him.
This was read to mean Mr Sandler could expect the chief executive job if NatWest succeeded in its battle to remain independent. But NatWest says there are no plans to appoint Mr Sandler as chief executive and insists that the FSA is comfortable with the current constitution of the NatWest board.
The FSA was unavailable for comment last night.
Mr Wanless quit after the Bank of Scotland launched a hostile bid for the bank in September. NatWest is fighting on two fronts, the Royal Bank of Scotland having also launched a hostile bid for the bank.
NatWest says Sir David is permanent chief executive and that there is no plan to separate the top roles, despite the fact that combining the roles could breach the Cadbury guidelines on corporate governance. The bank said: "Sir David Rowland is chief executive. That situation stands."
Sir David has a strong rapport with Mr Sandler, dating from their time at Lloyd's of London where as chairman and chief executive respectively they are credited with having engineered the rescue of the London insurance market.
Mr Sandler was shortlisted for the post of chief executive of Barclays but was passed over because of concern at his lack of banking experience. Sir Peter Middleton, the Barclays chairman, took the view that the City would not accept another outsider at Barclays in view of the experience the bank had had with Martin Taylor, who came in as chief executive from Courtaulds, the textiles group.
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Rowan Atkinson to sell £10 million McLaren 'supercar' he crashed into a tree and a lamppost
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Warriors in ancient Iraq suffered Post-Traumatic Stress Disorder more than 3,000 years ago, say researchers
US blames Russia after rocket attacks in Ukraine kill at least 30
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...