Metro Bank founder and chairman Vernon Hill steps down with immediate effect

Vernon Hill steps down with immediate effect. Pic: John Stillwell/PA Wire
Vernon Hill steps down with immediate effect. Pic: John Stillwell/PA Wire
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Troubled lender Metro Bank has said founder and chairman Vernon Hill has stepped down with immediate effect.

The group said in July that Mr Hill would step down, but stay on as president and a non-executive director.

He will now resign from his position as chairman and remain as a non-executive director until December 31, taking on the honorary position of emeritus chairman.

Sir Michael Snyder, senior independent director at Metro Bank, has been appointed as interim chairman until a permanent successor is appointed.

Sir Michael Snyder said: “The board thanks Vernon for his vision which inspired and created Metro Bank 10 years ago.

“He leaves a lasting legacy of creating fans through exceptional customer service and has revolutionised British banking.”

Vernon Hill added: “I wish all of our fans - Metro Bank’s customers, colleagues and shareholders - every success for the next stage of the journey.

“As always, the best is yet to come.”