Metro Bank today announces that the Board has appointed Dan Frumkin as Chief Executive Officer (CEO) with immediate effect, subject to regulatory approval.
Dan Frumkin has been serving as Metro Bank’s Interim CEO since 1 January 2020 having joined the Company in September 2019 as Chief Transformation Officer. 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.
Sir Michael Snyder, Chairman said: “When we began the search for a permanent CEO, we were looking for someone who believed in prioritising excellent customer service with a track record in retail banking and business transformation, and the necessary experience to deliver sustainable growth.
“We have conducted a comprehensive evaluation from a strong field of candidates and Dan stood out. The combination of three decades of experience across retail banking and the positive impact he has made since joining Metro Bank last year mean we have identified an impressive CEO to take Metro Bank into its second decade. I look forward to working with Dan as we deliver the next chapter.”
Dan Frumkin added: “Having spent the past few months getting to know Metro Bank and meeting colleagues across the country, it is clear that their passion and commitment to delivering for customers is second to none. This is a business with robust foundations and real potential to shake up British banking. I am excited about the opportunity and look forward to updating the market on our plans on 26 February.”
Dan will be paid in accordance with Metro Bank’s approved remuneration policy:
- His salary will be £740,000 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).
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.