Metro Bank announces appointment of Dan Frumkin as CEO
Dan Frumkin has been serving as Metro Bank’s Interim CEO since January 1, 2020.
Metro Bank PLC (LON:MTRO) today announces the appointment of Dan Frumkin as Chief Executive Officer. The appointment, which is subject to regulatory approval, is effective immediately.
Mr Frumkin has been serving as Metro Bank’s Interim CEO since January 1, 2020 having joined the Company in September 2019 as Chief Transformation Officer (CTO). He 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:
“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.”
Dan Frumkin added: “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.”
Mr Frumkin will be paid in accordance with Metro Bank’s approved remuneration policy:
- His salary will be £740,000 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 he was appointed as CTO, Mr Frumkin 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).
As FinanceFeeds reported in December 2019, Craig Donaldson, who has been Metro Bank’s Chief Executive Officer (CEO) since 2009, has agreed with the Board that he will step down. He has been at the helm of the bank through what has been a challenging period.
In late January 2019, 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. The bank warned back then 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.