Metro Bank appoints Robert Sharpe as new chairman on £350,000 a year

Metro Bank has appointed a new chairman to replace controversial co-founder Vernon Hill, who resigned last year in the wake of an accounting scandal.

The high street challenger bank said industry veteran Robert Sharpe will take over the role in November to help drive its turnaround strategy.

Sharpe, currently chairman of Bank of Ireland and Hampshire Trust Bank, will be paid £350,000 a year.

The bank has been searching for a chairman for almost a year, after Hill left the company when it emerged that it had misclassified loans it made to companies and landlords.

Craig Donaldson, who was founding chief executive at the bank, also left the business in the aftermath.

Turnaround specialist Dan Frumkin was appointed to lead the company as its next chief, with Sir Michael Snyder taking over as chairman on an interim basis.

Sharpe said: “I’m delighted to have been appointed as Metro Bank’s chairman and look forward to leading the board and supporting Dan Frumkin and the executive team as they continue to deliver on the reinvigorated strategy.

“As we navigate the new economic environment caused by Covid-19, community banking has never been more important as people, businesses and communities adapt to this new normal.

“It is this community banking model that sets Metro Bank apart and will enable us to continue to grow.”

Sir Michael said: “It has been an honour to serve as chairman while we undertook a thorough search and selection process for a permanent chairman.

“I look forward to working with Robert as Metro Bank continues to set itself apart from the competition by delivering exceptional service for our customers, even in these most challenging of times.”