Metro Bank has said founder and chairman Vernon Hill will step down by the end of the year. The group, which announced in July that it planned to appoint an independent chairman, said the hunt for his successor was "progressing well".
It said if a replacement is not found by the end of the year, it will appoint an existing independent non-executive director as interim chairman.
Sir Michael Snyder, senior independent director at Metro Bank, said: "Vernon is the inspiration behind Metro Bank, the first high street bank to open in the UK in over 100 years."
He added: "The board shares Vernon's view that Metro Bank has now reached a point where an independent chairperson is appropriate to oversee the next stage of our journey."
Metro Bank's share price has plunged this year after an accounting error was unearthed showing the firm did not have a big enough cushion against lending liabilities. It has been looking to sell off its loan book.
