Manchester-based Co-operative Bank plc said late on Thursday that its CEO Liam Coleman has decided to step down from his position after less than 18 months during which he oversaw its rescue and recapitalisation.
Coleman joined the bank in June 2013 as Treasurer.
In a stock exchange statement the bank said: “The Co-operative Bank p.l.c has today announced that Liam Coleman, Chief Executive Officer, has decided to step down from his position following five years at the bank and the completion of the successful recapitalisation process last year.
“The board is of course mindful of the need to manage an orderly succession and Liam will remain in situ as the search for a successor progresses.
“A further announcement will be made in due course.”
Coleman said: “As a member of the team originally brought in to help turn the bank around, I feel a great sense of achievement in how much we have collectively delivered both to address the fundamental issues the organisation faced back in 2013 and to reshape the business around our retail customers.
“This is a great bank with a strong customer base and distinct brand and the progress made means there is much to build upon.
“However, having successfully completed the recapitalisation process last year, I feel it is now both the right time for me and for the business to look to new leadership for the next stage of the journey.
“In the meantime though it remains very much business as usual in delivering on our plans and the level of service our customers expect of us.”
Co-operative Bank chairman Bob Dench said: “Liam has played a key role over the last five years, and as CEO led the bank through its successful recapitalisation in 2017 which transformed the bank’s capital position.
“Under Liam’s tenure the bank is stronger and more resilient on many levels having also completed the outsourcing of our major IT systems to IBM; continued to significantly de-risk the balance sheet; and substantially reduce our cost base.
“The achievements have provided the platform to move forward with our plans to achieve a sustainable and profitable Co-operative Bank. I would like to thank Liam on behalf of the Board for his significant contribution.”