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Metro Bank’s chief financial officer has quit the troubled UK lender just eight days before it presents its preliminary financial results.
In a stock exchange announcement, Metro Bank says that David Arden – who took on the CFO role in 2018 – has agreed with the board that he will step down with immediate effect and leave the business on 1st April 2022.
Marc Jenkins, deputy CFO, will assume responsibility for the finance function from 15 February 2022 while the bank recruits for an interim CFO.
The bank says that its preliminary financial results will be announced on 23 February as planned and are expected to be in line with management expectations.
Arden’s departure follows a difficult period for the UK lender, which saw its shares slide following an aborted takeover by private equity firm Carlyle in November and received a £5.8 million fine in December for misrepresenting its financial results due to failures in its accounting systems.
Daniel Frumkin, CEO says of Arden: “On behalf of the board I would like to thank David for the important work that he has done to strengthen Metro Bank’s financial controls over the past two years. He has played an instrumental role in helping to deliver the bank’s strategic priorities and turnaround plan and leaves with our best wishes for the future.”
Financial Services
