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Metro Bank CEO is out

Craig Donaldson leaves at the end of December after a tumultuous year
December 5, 2019

Metro Bank (MTRO) chief executive Craig Donaldson is to step down at the end of December after a decade at the group. His exit caps a calamitous year for the high-street lender, which saw a regulatory probe into mis-categorised loans, an emergency capital raise, a troubled bond sale and the departure of founder-chairman Vernon Hill.

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The top executive role will now pass on an interim basis to recently appointed “chief transformation officer” Dan Frumkin, who said the group is “working hard to evaluate the bank's future plans”.

Those plans no longer include further options or awards for Mr Donaldson, though Metro’s remuneration committee will consider whether unvested options and awards from before 2018 can be kept.