Vernon Hill steps down at Metro Bank
Vernon Hill has stepped down as chairman of Metro Bank with immediate effect after what has been annus horribilis for the lender.
Hill (pictured), who founded the bank in 2010, has been granted an “honorary position” of emeritus chairman with the Bank.
In his typical style 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.”
Board member Sir Michael Snyder will serve as interim chairman until a replacement is found.
Snyder said: “The board thanks Vernon for his vision which inspired and created Metro Bank 10 years ago.
“He leaves a lasting legacy of creating fans through exceptional customer service and has revolutionised British banking.”
Metro has had a difficult past 12 months after an accountancy error at the start of the year led to an emergency cash call and the rushing out its full-year results.
However things have been looking up for Metro after it raised in excess of £475m for its £300m bond earlier this month.
Hill had previously revealed plans to leave officially by the end of this year.