THE CHIEF Executive of The Co-operative Group’s banking division today announced he will step down, in the wake of a downgrade from ratings agency Moody’s.
The Co-op, which last month pulled out of a planned acquisition of over 600 UK bank branches from Lloyds Banking Group, has appointed Rod Bulmer as acting chief executive with immediate effect, until a permanent replacement is found.
“Barry took over the role of CEO to lead the banking business through the potential acquisition of the Lloyds Banking Group Verde Business,” said the company.
“Following the recent decision by The Co-operative Group and Banking Group Boards to withdraw from the Verde process, Barry has decided that the time is now right for him to stand down from his role.”
Moody’s downgraded the Co-op’s debt ratings and has placed it under review for further downgrades.