Co-op Bank CFO leaves after restructuring

Manchester-based Co-operative Bank said its chief financial officer John Worth is leaving the bank following the completion of its restructuring and recapitalisation earlier this month.

“John joined in September 2016, and has played a key role as CFO and board member during this important period for the bank,” said Co-operative Bank.

“The board has, subject to regulatory approvals, appointed Tom Wood as chief financial officer.

“Tom is already a director of the bank and will continue with his responsibilities as chief restructuring officer.”

Last month, troubled Co-operative Bank said its losses before tax narrowed to £135.2 million in the six months to June 30, 2017, from £177 million in the same period last year.

The self-styled “ethical bank” said in June it agreed a complex £700 million rescue package with its major investors that would shore up its capital base.

The bank has been hit by a number of scandals in recent years and had to be rescued by a group of hedge funds in 2013.

Co-operative Bank chairman Dennis Holt said: “John has played a leading role as we have progressed our successful recapitalisation and restructuring and we are immensely grateful for the significant contribution he has made over the past year, particularly for the role he played in enabling us to agree principles to sectionalise the Pace pension scheme.

“We wish him well in his future endeavours.

“We are delighted that we have someone of Tom’s calibre at the bank and given his experience and track record in senior banking roles and his existing relationship with Liam, the wider management team and our investors, he is a natural successor to John.”