Co-Op Bank’s chief financial officer to step down

Co-op Bank

The Co-Op Bank’s chief financial officer is to step down – it was announced this morning.

A statement was released to the Stock Market announcing Tom Wood is to step down as chief financial and restructuring officer.

Mr Wood, a former finance specialist from specialist lender Shawbrook, was brought in to stabilise the bank.

His role as chief restructuring officer was specially created to help turn around the business.

Mr Wood also worked at Northern Rock, the Skipton Building Society and NBNK Investments.

At the time of his appointment the Co-op Bank had a £1.5bn black hole in its balance sheet.

The bank hit serious problems following a disastrous merger with the Britannia Building Society.

Its former chairman Paul Flowers also had a series of high profile problems including drug-taking and the use of prostitutes.

The Manchester based Co-Op Bank has since turned the business around.

A statement from the bank said: “The Co-operative Bank today announces that Tom Wood, chief financial and restructuring officer, has decided to step down from his position following significant progress made with the restructuring of the Bank over the past 12 months.

“Tom will remain in post until a successor is appointed. The board will begin a formal search process and a further announcement will be made in due course.”

Tom Wood joined the Bank in September 2017, having advised on the recapitalisation in the Spring of 2017.

He said: “It has been a privilege to lead the restructuring of The Co-operative Bank. The hard work of many colleagues has helped us achieve some key milestones ahead of schedule, in particular towards derisking the balance sheet, reducing our pension liabilities and improving the capital position. Our progress to lower costs and improved efficiency has laid important foundations for the Bank as it builds for the future.”

The Co-operative Bank appointed Andrew Bester as its new chief executive last month.

He took over from Liam Coleman who also decided to step down.

Andrew Bester, Chief Executive said: “Tom’s drive and commitment has helped to materially transform the position of the bank over the past twelve months and we thank him for his significant contribution in delivering a number of complex restructuring milestones. The bank is now in a stronger position and I understand Tom’s desire to take on a new challenge. We wish him every success for the future.

“There is still much to be done as we seek to return to a position of sustainable profitability, rebuilding the ethical bank we know is valued by our customers.”