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Co-op Bank “in good hands” as new chairman named 5 June 2013

The Co-operative Banking Group has appointed Richard Pym as chairman in a shake-up of its management team.

Pym, whose career in business spans 40 years, will join the Co-operative Bank in his role as independent non-executive chair with immediate effect.

He said that the group is focused on strengthening its balance sheet and “resolving the current underlying issues”.

He added: “This will allow us to continue to provide customers with an alternative choice to the traditional banks.

“The British banking system is very concentrated, with a small number of institutions, and it is important that The Co-operative Bank plays its full part in maintaining a competitive landscape for customers.”

The Co-operative Group also announced that Richard Pennycook has been named group finance director and will join on 1 July after nearly eight years at WM Morrison Supermarkets.

Niall Booker was named chief executive of the banking group at the end of last month.

Len Wardle, chairman of the Co-operative Group, said: “They bring significant and valuable experience and will be great assets as we reposition our bank and take the wider Group to the next phase of its development.

“Together with Euan Sutherland, group chief executive and Niall Booker, our new bank chief executive, we now have a formidable top team with exceptional financial, strategic and operational expertise across retail and financial services.”

Sutherland added that the appointments of Pym and Booker mean that the bank is “in very good hands”.

Pym succeeds Paul Flowers, who has been chairman of the Co-operative Banking Group and the Co-operative Bank for three years and is stepping down from both roles and leaving both boards.

Pym has held a series of senior positions, including as group chief executive of Alliance & Leicester, and is currently chairman of UK Asset Resolution.

In his role as group finance director at Morrisons, Pennycook was responsible for the group’s finance, IT and strategy.



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