Robert Sharpe, chairman of Metro Bank, is stepping down after six years leading the London-listed lender through a challenging period and recent recovery. His departure, effective at the weekend, was described by a spokesperson as a personal decision following the completion of two three-year terms. Catherine Brown, the bank’s senior independent director, will assume the role of interim chairman as the search for a permanent successor continues.

Sharpe’s exit comes amid a significant turnaround at Metro Bank, whose future now appears more stable after nearly collapsing three years ago. The bank, co-founded by American entrepreneur Vernon Hill and launched in 2010 as the UK’s first new high street bank in over a century, had distinguished itself with a focus on physical branches at a time when many rivals were closing locations in favor of online services.

Metro’s shares once soared following its initial public offering, which valued the bank at £1.6 billion. However, a series of crises seriously undermined its position. In January 2019, the bank disclosed a serious accounting error that forced it to raise £375 million through a stock offering, derailed expansion plans, and left it operating at a loss. The turmoil led to the departure of Hill later that year, amid corporate governance concerns voiced by some investors, and the resignation of then-CEO Craig Donaldson.

Regulatory scrutiny followed, resulting in fines totaling £15.4 million—£10 million from the Financial Conduct Authority and £5.4 million from the Bank of England—in connection with the bank’s previous missteps. The combination of financial strain and market mistrust brought Metro close to collapse in October 2023. A rescue package worth £925 million was finalized just in time, enabling Colombian billionaire Jaime Gilinski Bacal, who built his fortune in banking, to assume control of the company.

Since then, Chief Executive Dan Frumkin, who took over in 2020, has led a restructuring program that involved cutting over 1,000 jobs but successfully returned the bank to profitability. The turnaround has also boosted Metro’s market valuation to approximately £1.1 billion.

In commenting on his decision to step down, Sharpe said Metro Bank is now “well placed for a successful future,” and he felt it was the appropriate moment to leave the role. Brown expressed appreciation for his leadership, thanking him for his “wise counsel, commitment and dedication.” The ongoing search for a permanent chairman continues as the bank aims to build on the progress achieved during Sharpe’s tenure.