Co-op appoints new bank and finance heads

Suzie Neuwirth

THE CO-OPERATIVE Group today announced the appointment of Richard Pym as chair of its troubled banking unit and Richard Pennycook as group finance director.

Industry veteran Pym joins with immediate effect, having held a series of senior roles including group chief executive of Alliance & Leicester. He succeeds Paul Flowers.

“We are clearly focused on actions to strengthen the bank's balance sheet and resolving the current underlying issues,” said Pym about his new role. “This will allow us to continue to provide customers with an alternative choice to the traditional banks.”

Pennycook joins from Morrison Supermarkets and starts on 1 July, initially on an interim basis.

Len Wardle, chair of The Co-operative Group, said: “The board is delighted to welcome both Richard Pennycook and Richard Pym to The Co-operative Group. “They bring significant and valuable experience and will be great assets as we reposition our bank and take the wider group to the next phase of its development.”