By Aisling Finn on Wednesday 19 February 2020
Dan Frumkin joined Metro Bank in September and started the interim CEO role on January 1.
Dan Frumkin, who was Metro Bank’s chief transformation officer before interim CEO, has now been given the permanent role.
Following a rocky year for the bank, its CEO Craig Donaldson, who had been at Metro Bank since its inception in 2009, stepped down at the end of 2019.
Frumkin, who joined Metro Bank in September this year, was appointed interim CEO from 1 January 2020.
The new CEO will reportedly earn a £740,000 salary in his new position.
His appointment comes amid a shake-up at the top. Late last year Vernon Hill, founder and chairman, resigned with immediate effect and chief risk officer, Aileen Gillan stepped down last week.
Metro Bank is currently in the midst of an investigation by both the Prudential Regulation Authority and the Financial Conduct Authority (FCA) following its £900m accounting error in early 2019.
The struggling bank announced in September that the FCA was widening its search to include “certain members of management” and to encompass the period from June 2017 to February 2019.
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