Founder of Metro Bank Vernon Hill will step down from his role as chairman by 31 December.
Hill (pictured) has previously said that the bank has now reached a size and scale where it is appropriate to appoint an independent chairperson.
Sir Michael Snyder, senior independent director at Metro Bank, said: “Vernon is the inspiration behind Metro Bank, the first high street bank to open in the UK in over 100 years.
“It is thanks to his vision and leadership that we have grown to 70 stores around the country, serving over 1.8 million customer accounts and we’ve twice been ranked as the number one bank for overall quality of service for personal banking.
“The board shares Vernon’s view that Metro Bank has now reached a point where an independent chairperson is appropriate to oversee the next stage of our journey.”
The bank will hire an existing independent non-executive director as interim chairperson if the position is not filled by the end of the year.