Bank begins search for new finance chief

The finance chief who has overseen the restructuring of the Co-operative Bank over the past year is stepping down.

Tom Wood will remain in post as chief financial and restructuring officer until a successor is appointed and the bank will now launch a formal search process. Wood joined the bank in September 2017 having advised on its recapitalisation several months earlier.

Chief executive Andrew Bester said the bank was now in a stronger position and that he “understands Tom’s desire to take on a new challenge”.

“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,” he said.

Wood said key milestones had been achieved ahead of schedule including the reduction of pension liabilities, improvement of the capital position, and cost efficiencies which had laid “important foundations for the future”.