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Report: Metro Bank 'likely' to make interim CEO permanent amid pressure

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Report: Metro Bank 'likely' to make interim CEO permanent amid pressure

The board of Metro Bank PLC is "likely" to appoint interim CEO Daniel Frumkin to take over the role permanently during a meeting on Feb. 18, Sky News reported, citing a source.

The source, however, said the appointment remains uncertain due to Metro Bank's "unpredictable" decision-making nature, according to the report. The lender has also been considering external candidates but it was unclear whether any remained in the running for the top role.

If not announced on Feb. 18, a formal confirmation of Frumkin's appointment could be made alongside the release of the lender's full-year 2019 results, set for Feb. 26, the source told Sky News.

Frumkin, who joined the British lender in September 2019 as chief transformation officer, became interim head after CEO Craig Donaldson stepped down at the end of 2019 amid a tumultuous year that saw the bank's share price crash by 85%.

Metro Bank is said to be under pressure from top shareholders to quickly resolve its leadership issue, the report noted. Michael Snyder has also been serving as chairman on an interim basis since Vernon Hill resigned in October 2019.