Richardson to step down as CFS chief

NEVILLE Richardson is to stand down as chief executive of Co-operative Financial Services and deputy CEO of The Co-operative Group, it emerged today.

Mr Richardson, who took on the top job at the Manchester-based mutual after the merger of Britannia Building Society with CFS, informed staff this morning of his planned departure.

In an email to staff seen by TheBusinessDesk.com, group chief executive Peter Marks said: “Neville has informed me that it was always his intention to seek new  challenges once the merger of CFS and Britannia was well advanced.
That time has now come and he wants to move on to the next stage of his career.”

Paying tribute to his achievements, Marks said Richardson had successfully led the integration, exceeded pre-merger targets and achieved record financial results.

He added: “At the same time Neville has put in place strong foundations on which the Co-operative Group can continue to  build its customer-owned, ethical alternative to the other High Street  banks.

“We are grateful to Neville for all he has done at CFS and at Britannia in the preceding years wish him every success.”                                                        
 
Richardson, who worked for Price Waterhouse before joining Britannia said in a statement: “I am immensely proud of what has been achieved at CFS over the past couple of years and am confident that I will be leaving the business in great shape to grow and prosper in the years to come.”

Earlier this year he was named North West Ambassador at TheBusinessDesk.com’s North West Masters awards.

The Co-op said Barry Tootell, chief financial officer at CFS, has been promoted to acting chief executive with immediate effect.

Mr Tootell, 50, joined The Co-operative Group in 2008. Before joining he was finance director for consumer banking at Lloyds Banking Group.