Metro Bank PLC today announces that Mike Brierley, Chief Financial Officer, Company Secretary and Director of Metro Bank PLC has informed the board of his intention to retire next year.
A well-respected leader with over 35 years’ experience in banking, Mike joined Metro Bank as CFO in April 2009 and helped lead the Bank through regulatory authorisation, initial funding and eventual successful launch in July 2010. He has been an integral part of the team that has taken the Bank from a start-up to a profitable FTSE 250 Bank listed on the London Stock Exchange, with over 3,000 colleagues and over 1 million customer accounts.
Mike has been working with the bank over recent months to agree an appropriate date for his retirement and to ensure a smooth and effective transition. With a suitable successor now identified – subject to regulatory approval – he has announced his intention to retire in March 2018 following the 2017 Full Year Results Announcement.
Commenting on his retirement, Mike Brierley said “When we started Metro Bank few people believed we could become the first new High Street Bank in the UK in over 100 years. I am proud of what we have built – a profitable listed bank with over one million customers, assets of c£15 billion and a market capitalisation of over £3 billion. What I and the rest of the management team are most proud of, however, is the jobs and career opportunities we have created for our dedicated and talented colleagues at the Bank. We are the revolution in UK banking. My final executive role has been my most challenging but also the most fun.”
Mike’s successor – subject to regulatory approval – is David Arden, CFO Sainsbury’s Bank, a position he has held since March 2012. David is also currently interim MD of Argos Financial Services following last year’s acquisition of Home Retail Group by J Sainsbury Plc.
David joined Sainsbury’s Bank from Shop Direct Financial Services where he was Chief Financial Officer. In his 27 year career he has held a number of senior positions including Managing Director of RBS/NatWest Credit Cards and Finance and Risk Director for Tesco Bank.
Commenting on the changes, Craig Donaldson, CEO said: “We are really sorry to lose Mike from the Metro Bank family. Without his knowledge, hard work and business acumen, it would have been even harder and definitely a lot less fun building Metro Bank. I wish him, and Rachel his wife, well in his retirement, but we don’t expect him to be a stranger, as he has become a friend to myself and many at Metro Bank.
“The appointment of David marks a new chapter in the Metro Bank story. David’s distinctive blend of retailing and banking experience made him the natural choice to be our CFO and I look forward to him joining the team and helping the board take the bank nationwide.”
On his appointment, David Arden said: “The opportunity to be part of the Metro Bank story is incredibly compelling for me. Metro Bank is a high growth retailer, known for shaking up the market. After a career spent with a number of sector disruptors, and with a personal passion for putting the customer at the heart of the business, Metro Bank is the obvious next step. I’m incredibly excited to be part of the revolution and can’t wait to get started.”
This Announcement contains inside information. The person responsible for arranging release of this Announcement on behalf of Metro Bank is Michael Brierley.
For more information, please contact:
Metro Bank PLC Investor Relations
Metro Bank PLC Media Relations
Martin Pengelley/ Latika Shah