NatWest Group has announced a significant change in its senior leadership team, with the departure of its top risk executive.
Senior Executive Departs High Street Bank
Keiran Foad has stepped down from his position as Group Chief Risk Officer and has left the bank entirely, NatWest confirmed in a statement to the markets. The announcement was made in mid-January 2026, just weeks after the Christmas period.
The high street bank, which competes with rivals including Santander, HSBC UK, Lloyds Bank, and Nationwide, moved quickly to appoint an interim replacement. Sean Pilcher has now taken on the role of Interim Group Chief Risk Officer.
Interim Appointment and Search for Successor
Sean Pilcher is a seasoned NatWest executive, having held several senior roles across the group. His experience includes serving as Director of Risk for Commercial Banking and, most recently, as Chief Operating Officer for the Group Risk function.
NatWest has confirmed that a formal search for a permanent successor to the Chief Risk Officer position will now commence. The bank communicated this plan to its customer base as part of this week's announcements.
Leadership Change Amid Mixed Economic Signals
This leadership shift comes as NatWest released its Regional Growth Tracker for December 2025. The report indicated a mixed picture for the UK economy at the end of last year.
Sebastian Burnside, NatWest Chief Economist, noted that while there were pockets of output growth in areas like London, the West Midlands, the South East, and the South West, these were offset by declines elsewhere. Business confidence for the year ahead improved in most regions compared to a year earlier, which he described as "a good omen for growth prospects in 2026."
However, the jobs market faced continued challenges. December saw a broad-based decrease in employment as companies grappled with rising cost pressures. An increase in backlogs of work in four regions—the highest in over two and a half years—could indicate growing capacity pressures, which might support labour market conditions in the coming months.
The departure of a key figure like the Group Chief Risk Officer marks a notable moment for one of the UK's leading banking groups as it navigates a complex economic landscape.
