09 October 2013
The Co-operative Bank plc announces that Duncan Bowdler, Peter Harvey, Bob Newton and Len Wardle will be stepping down from their roles as non-executive directors on the Board of the Bank, with an effective resignation date of 9 October 2013. They will all continue to serve on the Board of The Co-operative Bank plc’s parent, The Co-operative Banking Group Limited.
The changes are part of preparation to increase the independence of the Bank ahead of the launch of the Exchange Offer, part of the wider Capital Action Plan announced on 17 June 2013.
The changes will result in a Board comprising Richard Pym, Chair, Niall Booker, Chief Executive Officer, Rod Bulmer, deputy Chief Executive Officer, four independent non-executive directors in Richard Coates, Anne Gunther, Graeme Hardie and Merlyn Lowther and two Co-operative shareholder representatives in Euan Sutherland, Chief Executive of the Co-operative Group and Ben Reid, a member of the Co-operative Group Limited Board. In addition, the Board is currently recruiting three further independent non-executive directors and there will be one further Co-operative representative. It is envisaged that following this recruitment process, the Board will be compliant with the UK Corporate Governance Code.
For further information, please contact:
The Co-operative Group
Tel: 07880 784442
Tel: 020 7353 4200