Co-op Bank finance chief bows out just a few weeks after rescue deal

Alys Key
Follow Alys
Co-operative Group Difficulties Continue After Lord Myners Resigns
John Worth is exiting his role as finance director (Source: Getty)

The finance boss of Co-operative Bank is set to step down after just a year.

John Worth is set to leave his role as chief financial officer only a few weeks after the bank agreed a £700m rescue deal with US hedge funds.

Worth joined the company in September last year, and has helped to oversee the bank's refinancing and restructuring.

His replacement will be Tom Wood, the current chief restructuring officer, who will keep his existing duties as well as overseeing finances.

Worth said: "I have very much enjoyed working with the board, executive committee and wider team during this critical period, and wish the bank every success following the recapitalisation. This is a great organisation, with values and ethics at its heart."

His departure is thought to be a possible sign of a reshuffle at the top of the bank as it enters a new phase.

Read more: The first people to benefit from ethical businesses must be their workers

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."

Read more: Finally: Co-operative Bank cuts losses ahead of capital raise

Related articles