Architect behind Co-Op Bank restructure to step down
The man who oversaw the restructure of the Co-Op Bank during the most troubled period in its long history is stepping down.
Tom Wood was brought in as chief financial and restructuring officer after it was rescued from collapse last August.
The struggling bank agreed a £700m rescue package which meant that it is now owned by five U.S funders, leaving the Co-operative Group with only a small stake.
Wood joined the bank in September 2017, having advised on the recapitalisation.
He will remain in post until a successor is appointed.
Commenting on his decision, Wood 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 board has now begun the search for Wood’s successor.
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.”