Wednesday 4 December 2019 5:27 pm

Metro Bank CEO Craig Donaldson to step down

Metro Bank’s chief executive Craig Donaldson revealed this evening that he will step down at the end of the year, bidding farewell to the troubled lender after a torrid 12 months.

After a decade-long stint running the challenger bank, Donaldson has become the latest in a string of senior figures to announce his departure.

Donaldson’s final year at the helm has been overshadowed by a steep sell-off in the firm’s shares which was sparked by the shock discovery of a major accountancy error.

The under-fire firm has since been embarking on an extensive management shake-up, with colourful chairman Vernon Hill saying in October that he would leave the board by the end of 2019.

Dan Frumkin, who joined Metro Bank in September as chief transformation officer, has been appointed to the board as interim chief executive from 1 January 2020.

Read more: Moody’s downgrades outlook for UK banking system

Donaldson said in a statement today: “While this has undoubtedly been a challenging year, it has been a privilege to serve.  I committed to work with the board until we felt that the bank was sufficiently strong for me to step away. “

He added: “This has been achieved and as Metro Bank looks to the future, we have reached that point where I am confident that the board and the many dedicated teams within Metro Bank will enable this bank to prosper again.”

Read more: Metro Bank to be loss-making in 2020 and beyond, Barclays warns

Donaldson will remain available to the board as an advisor until the end of 2020, the firm said.

Metro Bank said it will consider both internal and external candidates for the role.