Co-operative Bank boss Liam Coleman to step down after five years at the lender

Josh Mines
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Co-op bank chief executive Liam Coleman is to step down from his post (Source: Getty)

The boss of Co-operative Bank Liam Coleman is to step down after five years at the bank.

A statement from the board today said that Coleman made the decision after successfully completing the lender's recapitalisation process last year.

The board said it was "mindful" of the need to manage a timely and orderly succession, telling investors that a further announcement will be made on Coleman's successor "in due course."

Coleman, who has spent less than two years in the job, will remain with the lender while the hunt for his replacement is ongoing.

The outgoing chief executive said he felt a "great sense of achievement" in how the bank had tackled the issues which faced the organisation back in 2013.

"This is a great bank with a strong customer base and distinct brand and the progress made means there is much to build upon," he explained. "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."

Chairman of the Co-operative Bank Bob Dench added:

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.

I would like to thank Liam on behalf of the board for his significant contribution.

Coleman joined the company in June 2013 as treasurer, and has been a central figure at the bank since it began its turnaround in 2013.

He was promoted to deputy chief executive in June 2016 before rising to the top job at the start of 2017.

Coleman's departure comes months after Dench was appointed chairman, tasked with steering the bank through difficult waters after it was rescued by its US hedge fund investors last June.

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