Alastair ‘Ben’ Gunn to step down as Deputy Chairman of Metro Bank
Board changes at the bank, rocked by accounting error earlier this year, continue.
Several days after Metro Bank PLC (LON:MTRO) announced that Vernon Hill is stepping down as Non-Executive Director, the bank has unveiled more changes within its top ranks. Today, the bank announces that, after 10 years on the Board, Alastair ‘Ben’ Gunn will step down as Deputy Chairman and Non-Executive Director. The change is effective December 31, 2019.
In February 2019, the bank announced that from April 1, 2019 Sir Michael Snyder would succeed Ben Gunn as Senior Independent Director. Ben Gunn back then took on the newly created role of Deputy Chairman.
This happened shortly after Metro Bank revealed a major accounting error regarding how it classifies its loan book. The announcement about the error pushed the shares of the company sharply down, prompting it to raise fresh capital. Back then, the bank warned that the errors, in the way it had calculated the weight of some commercial loans and buy-to-let loans to major landlords, would take a chunk out of its risk-weighted assets.
Today, the bank announced the appointment of Sally Clark as a new Independent Non-Executive Director, with her appointment effective January 1, 2020.
Most recently, Sally Clark was Chief Internal Auditor at Barclays plc where she was responsible for driving the vision and strategy for the internal audit function, and she also championed diversity initiatives across the bank. Prior to her time at Barclays, she held senior positions in risk and audit with Royal Bank of Scotland and JP Morgan. She brings significant banking and risk management experience to the Metro Bank Board.
Metro Bank says its Board continues its search for additional independent NED candidates and expects to make further appointments next year.