Metro Bank PLC confirmed that its founder, Vernon Hill, will step down from the board and as chairman by Dec. 31.
Hill has said that the lender has reached a size and scale where it was appropriate for it to name an independent chairperson.
In July, the bank began searching for a replacement for Hill, who it said at the time would remain on the board as a nonexecutive director.
Metro Bank noted that if it does not find a replacement for Hill by year-end, it will appoint an independent nonexecutive director as chairperson on an interim basis.
The U.K. challenger bank has struggled to regain its footing following an accounting error that was revealed in January, which triggered a decline in its share price and a £375 million emergency capital raising. In September, the bank was forced to pull a high-yield £200 million bond sale due to insufficient orders.
