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RNS Number : 7184V
Metro Bank PLC
04 December 2019
Legal Entity Identifier: 213800X5WU57YL9GPK89
04 December 2019
Metro Bank PLC (LSE: MTRO LN)
Metro Bank announces Chief Executive Officer to step down
Metro Bank today announces that Craig Donaldson, who has been
Metro Bank's Chief Executive Officer (CEO) since 2009, has agreed
with the Board that he will step down at the end of the year,
having led the Bank through what has been a challenging period.
Craig will remain available to the Board as an advisor until the
end of 2020.
Dan Frumkin, who joined Metro Bank in September 2019 as Chief
Transformation Officer, has been appointed to the Board as Interim
CEO from 1 January 2020, subject to regulatory approval. The Board
will commence a process to search for a new CEO, which will
consider both internal and external candidates.
Sir Michael Snyder, Chairman said: "On behalf of the Board and
all our colleagues, I want to thank Craig for his steadfast
leadership of the Bank over the past 10 years. Thanks to his
passion and commitment, today Metro Bank serves nearly two million
customer accounts and is rated no.1 for personal current account
service. My priority is to appoint a permanent CEO and to appoint
new NEDs to the Board who will bring even more retail banking
experience. I look forward to steering the Bank as we define and
start to deliver the next chapter."
Craig Donaldson commented: "I am proud of Metro Bank's
achievements during the past decade. From a standing start, we
brought something very different to banking for customers and
colleagues. While this has undoubtedly been a challenging year, it
has been a privilege to serve. I committed to work with the Board
until we felt that the Bank was sufficiently strong for me to step
away. This has been achieved and as Metro Bank looks to the future,
we have reached that point where I am confident that the Board and
the many dedicated teams within Metro Bank will enable this Bank to
prosper again."
Dan Frumkin added: "This is a business 100 per cent committed to
doing the very best for its customers, powered by passionate and
driven colleagues determined to deliver exceptional service. We are
working hard to evaluate the Bank's future plans and we will be in
a position to update the market in February."
Remuneration disclosure
Craig will be treated in accordance with Metro Bank's approved
remuneration policy:
-- During his 12 month notice period, Craig will receive his
salary, pension and non-cash benefits.
-- Craig elected not to receive any variable reward for 2018.
-- Craig will not receive any variable reward for 2019 and 2020.
No further options or awards will be granted.
-- Craig's unvested options and awards (which relate to years
prior to 2018) will be considered by the Remuneration Committee in
due course. They are currently frozen as disclosed in Metro Bank's
last annual report.
Full details will be disclosed on the Metro Bank website in due
course in compliance with Section 430(2B) of the Companies Act 2006
and in the Directors' Remuneration Report within the Company's
Annual Report and Accounts for the year ended 31 December 2019, and
subsequent years, as appropriate.
Dan will be paid in accordance with Metro Bank's approved
remuneration policy:
-- His salary for the interim role will be GBP690,000 and he
will be eligible for total variable reward opportunity in the range
of 0% to 200% of salary.
-- No variable reward is expected to be paid for the 2019 performance year.
-- As agreed at the time Dan was appointed as CTO, he will be
granted options over 100,000 shares in 2020 with an exercise price
equal to the market value of the Metro Bank shares on the date of
grant (such that the options have no value on the date of
grant).
Dan, 55, most recently spent eight years at The Bank of N.T.
Butterfield & Son Limited, a full-service community bank based
in Bermuda, as their Global Chief Operating Officer and prior to
that as Global Chief Risk Officer. He has previously held roles at
RBS and Northern Rock.
The information contained within this Announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 and was authorised
for release by David Arden, Chief Financial Officer.
Enquiries
For further information on this announcement, please
contact:
Metro Bank PLC
Investor Relations
Jo Roberts
+44 (0)20 3402 8900
IR@metrobank.plc.uk
Media Relations
Tina Coates / Abigail Whittaker
+44 (0)7811 246016 / +44 (0)7989 876136
pressoffice@metrobank.plc.uk
Teneo
Charles Armitstead / Haya Herbert--Burns
+44 (0) 7703 330269 / +44 (0) 7342 031051
Metrobank@teneo.com
About Metro Bank
Metro Bank is celebrated for its exceptional customer experience
and achieved the top spot in the Competition and Market Authority's
Service Quality Survey among personal current account holders for
its overall service and came second among business current account
holders in August 2019. It was also awarded 'Best All-Round
Personal Finance Provider' at the Moneynet Personal Finance Awards
2019. It is also recognised by Glassdoor in its 'Best Place to Work
UK 2019' top 50 list. Offering retail, business, commercial and
private banking services, it prides itself on using technology to
give customers the choice to bank however, whenever and wherever
they choose. Whether that's through its growing network of stores
open seven days a week, from early in the morning to late at night,
362 days a year; on the phone through its UK-based 24/7 contact
centres manned by people not machines; or online through its
internet banking or award-winning mobile app: the bank offers
customers real choice. The bank employs around 3,500 colleagues and
is headquartered in Holborn, London.
Metro Bank PLC. Registered in England and Wales. Company number:
6419578. Registered office: One Southampton Row, London, WC1B 5HA.
'Metrobank' is the registered trademark of Metro Bank PLC.
It is authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and Prudential
Regulation Authority. Most relevant deposits are protected by the
Financial Services Compensation Scheme. For further information
about the Scheme refer to the FSCS website www.fscs.org.uk. All
Metro Bank products are subject to status and approval.
ENDS
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END
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December 04, 2019 11:50 ET (16:50 GMT)
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