Roger Farah to step down as Metro Bank’s Non-Exec Director
Following the departure of Roger Farah, the Board excluding the Chairman will comprise seven Non-Executive Directors and two Executive Directors.
Metro Bank PLC (LON:MTRO) today announces that Roger Farah has decided to step down as a Non-Executive Director with immediate effect.
As a result of Mr Farah’s departure, Catherine Brown will become Chair of the Remuneration Committee and Monique Melis will become Chair of the Nomination Committee, subject to regulatory approval. Monique Melis will retain her role as interim Senior Independent Director.
Following the departure of Roger Farah, who has spent six years on the Board of Metro Bank, the Board excluding the Chairman will comprise seven Non-Executive Directors, five of whom are independent, and two Executive Directors.
Speaking of Board changes at Metro Bank, let’s recall that, in February 2020, the bank announced the appointment of Dan Frumkin as Chief Executive Officer. He succeeded Craig Donaldson, who had been Metro Bank’s CEO since 2009.
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.
