Sign In
Last checked at 
6 Oct 2020 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
6 October 2020
The Co-operative Bank p.l.c.
(the "Bank")
Andrew Bester to step down as Chief Executive Officer
The Co-operative Bank announces that Andrew Bester has informed the Board of directors of his intention to step down as Chief Executive Officer and as a director of its parent company The Co-operative Bank Finance p.l.c. Bob Dench, The Co-operative Bank's Chairman, has begun the process to find Andrew's successor and Andrew has committed to remain until that process is complete. Both Andrew and the Board are keen to ensure a smooth and orderly transition and the effective date of Andrew's departure will be confirmed in due course.
Andrew joined the Bank in July 2018 and has successfully led a complex transformation programme delivering key milestones including separation of IT systems from The Co-op Group and a significant digitalisation programme, while also re-energising the brand and improving customer satisfaction levels. This represents the delivery of key elements of the Bank's strategy, enabling a simpler future, and as the Bank enters the next stage of its turnaround, Andrew feels this is the right moment for new leadership and a new personal challenge.
Co-operative Bank Chairman Bob Dench said:
"I would like to thank Andrew for his dedicated leadership since taking up the position of Chief Executive Officer. We appointed Andrew for his significant expertise in delivering major transformation programmes and he has ensured that we have successfully completed the "fixing the basics" phase of our turnaround. The progress made provides the foundations for the Bank to grow and to build a successful future."
"Over recent months Andrew has worked tirelessly to navigate through the national crisis we all face and to support our customers through the pandemic. I thank him for the support he has provided during this unprecedented period and we wish him all the best for the future."
Andrew Bester, CEO, said:
"It's been a real privilege to lead an organisation with such a distinct brand, clear purpose and values and I'm so proud of the work of all colleagues to both deliver our strategy and to make a difference to the communities around us. I'm delighted that, despite the challenging environment we currently all face, we are supporting our customers through these difficult times and seeing positive growth in balances and new customer numbers. My ambition was to complete the major transformation phase of the turnaround and for our franchise to show resilience. At this point, I believe the Bank is on the right path and it is time for a new CEO to continue the journey to be the digital ethical bank. In the meantime I remain focused on working with colleagues to provide the support our customers need."
Media Enquiries
|
|
Lesley McPherson Director of Communications:
|
+44 (0) 7725 903270 |
David Masters Lansons: |
+44 (0) 7825 427514 |
The person responsible for arranging the release of this announcement on behalf of the Bank is Catherine Green, Company Secretary.
Important notices
This announcement is not intended to, and does not, constitute or form part of any offer, invitation, inducement or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise.
The Co-operative Bank p.l.c. LEI: 213800TLZ6PCLYPSR448
The Co-operative Bank Finance p.l.c. LEI: 213800KNE8ER4N9BLF11
Follow the stocks
