Revolut appoints Metro Bank director David MacLean as CFO

30 Jul 2019445 Views

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Image: Afotoeu/Depositphotos

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David MacLean, former finance director of Metro Bank, has stepped down from his position to take up the mantle of CFO at Revolut.

Revolut has confirmed that Metro Bank finance director David MacLean will leave his current post to take up the role of chief financial officer (CFO) at the UK fintech unicorn.

The challenger bank’s CEO, Nikolay Storonsky, said that MacLean will join the company later this year pending regulatory approval, and will help the digital bank launch in more international markets.

Storonsky told the Financial Times: “Dave brings a wealth of banking and financial services experience to the table and, as we prepare to launch Revolut in new international markets, will play a crucial role in our mission to help improve the financial wellbeing of millions of people worldwide.”

MacLean’s departure from Metro Bank comes just as the company squares up to market trouble. Metro Bank’s share price fell to an all-time low last week as investors reacted to reports of an 84pc decline in profits and a plan to replace the bank’s founder and chair, Vernon Hill. Hill, a former executive with Commerce Bancorp, has been surrounded by controversy as he wards off multiple lawsuits and accusations from former business partners of “blatantly and insultingly sexist comments”.

MacLean will fill the gap left by Peter O’Higgins, the former Revolut CFO, who resigned as the company was mired with compliance concerns. O’Higgins joined Revolut after 12 years at financial giant JP Morgan, and went on to join Money Dashboard as its CFO and COO.

MacLean is one of many high-profile senior hires that Revolut is making at the moment. The former European boss of Goldman Sachs, Michael Sherwood, is set to join Revolut’s board as a non-executive director, while fund management executive Martin Gilbert is set to become its new chair.

Revolut recently made a series of announcements about its expansion plans. This year it’s set to launch in the US, Canada, Singapore, Japan, Australia and New Zealand.

Close-up view of Revolut card. Image: Afotoeu/Depositphotos

Eva Short is a Journalist at Siliconrepublic.com

editorial@siliconrepublic.com