Metro Bank chair to step down

(Sharecast News) - The chair of Metro Bank Holdings is stepping down after six years in the role, it was confirmed on Wednesday.

In a brief update, the challenger bank said Robert Sharpe, 77, would leave at the weekend. Current senior independent director Catherine Brown will take over as interim chair while a search for a permanent replacement is carried out.

Metro became the UK's first new high street bank for more than a century when it opened in 2010, with a firm focus on maintaining a high street presence. But its ambitious growth plans were dealt a blow in 2019, after it emerged that an accounting error meant it was not holding enough capital, while in 2023, it was forced to agree a major refinancing with majority shareholder Jaime Gilinski to bolster its ailing balance sheet and save it from collapse.

However, since then chief executive Dan Frumkin - who took over in 2020, the same time as Sharpe became chair - has looked to turn the business around, including instigating a major restructuring, axing jobs and returning it to profit.

Sharpe, a retail banking veteran, said: "I have thoroughly enjoyed my time chairing the Metro board. It has been incredibly rewarding as the bank has returned to profitable growth with a strong executive team, an exciting strategy and supportive shareholders.

"Metro is now well placed for a successful future and it's the right time for me to step away."

Brown and fellow board member Michael Torpey will lead the search for Sharpe's replacement.

As at 1145 GMT, shares in Metro were largely unchanged at 168.4p.

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