Metro Bank PLC Metro Bank appoints CEO (3989D)
19 February 2020 - 6:00PM
UK Regulatory
TIDMMTRO
RNS Number : 3989D
Metro Bank PLC
19 February 2020
Legal Entity Identifier: 213800X5WU57YL9GPK89
19 February 2020
Metro Bank PLC (LSE: MTRO LN)
Metro Bank appoints Dan Frumkin as Chief Executive Officer
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 (CTO). 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."
Remuneration disclosure
Dan will be paid in accordance with Metro Bank's approved
remuneration policy:
-- His salary will be GBP740,000 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.
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. Its mobile app and online service achieved the top spot
in the Competition and Market Authority's Service Quality Survey
among personal and business current account holders in February
2020; the bank also ranked in the top two for overall service and
store service for personal and business customers. It was awarded
'Best All Round Personal Finance Provider' at the Moneynet Personal
Finance Awards 2019.
Offering retail, business, commercial and private banking
services, it prides itself on giving customers the choice to bank
however, whenever and wherever they choose. Whether that's through
its network of stores open seven days a week, early until late, 362
days a year; on the phone through its UK-based 24/7 contact
centres; 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.
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END
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