Daily Mirror (Northern Ireland)
Climbdown as Hill quits Metro
Bank founder in earlier-than-billed exit
METRO Bank’s founder Vernon Hill has stepped down with immediate effect after a difficult year for the troubled lender.
The American billionaire insisted that the “best is yet to come” for the group, which he launched 10 years ago with an emphasis on customer-friendly branches known as ‘stores’.
Metro announced in July that Mr Hill would step down as chairman, but initially said he would stay on as a non-executive director and president.
Hill will now quit as chairman and remain at the group as a nonexecutive director until December
31. He has also agreed to accept an honorary position as emeritus chairman to recognise his “extraordinary contribution to Metro Bank”.
Hill said: “I wish all of our fans – Metro
Bank’s customers, colleagues and shareholders – every success for the next stage of the journey. As always, the best is yet to come.”
Metro had been under pressure in the wake of a £900million accounting blunder in January that sent shares tumbling. Troubles were compounded when it was forced to abandon a bond offer to secure £250m. It relaunched fundraising plans earlier this month to raise £300m, but that soared to £475m on strong demand from investors.
Sir Michael Snyder, senior independent director at Metro, has been appointed as interim chairman until a permanent successor is appointed.
He said: “The board thanks Vernon for his vision which inspired and created Metro Bank. He leaves a lasting legacy of creating fans through exceptional customer service and has revolutionised British banking.”