Wednesday 24 July 2019 2:21 pm

Metro Bank drafts in new non-exec director ahead of results

Metro Bank has appointed a former senior Bank of Ireland boss to be its latest new independent non-executive director, as the troubled lender ramps up its management reshuffle following a tumultuous six months.

Michael Torpey, a former senior executive at Bank of Ireland, is set to to join Metro Bank’s board in September, becoming the third major appointment this week in the group’s shake-up of its senior ranks.

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Last night it emerged that Metro Bank is set to part ways with its controversial chairman and co-founder Vernon Hill just two weeks after he said he would “probably die” in the role.

The bank is expected announce it is launching a search for a new chairman when it posts its half-year results today, according to Sky News.

The 73-year-old American has been under pressure from investors since Metro revealed an accounting error at the start of the year that had classed some of its assets as less risky than they were.

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Earlier this week the group also appointed two new senior executives, drafting in a new chief information officer and chief transformation officer following a major accountancy error that has rocked investor confidence.

Cheryl Newton, a technology specialist who has held stints at banks including JP Morgan, HSBC and Barclays, will be joining as chief information officer.

Daniel Frumkin, who is leaving a Bermuda-based community bank called The Bank of N.T. Butterfield & Son, has been appointed as chief transformation officer.

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