Clear-out at Co-op Bank continues as finance chief announces plans to step down after less than a year
The clear-out of Co-op Bank’s top ranks continued as finance chief Tom Wood announced plans to step down after less than a year in the role.
Wood, who also served as the bank’s restructuring officer, was leaving after making ‘significant progress’ in the bank’s restructurings.
He was the third finance chief in two years when he joined the bank in September 2017, replacing John Worth.
Wood will stay on until a replacement is found. His is the third major departure among Co-op Bank’s top brass this year.
Chairman Dennis Holt was replaced by Bob Dench in the spring and a few months later, chief executive Liam Coleman left after just a year and a half in the role.
Andrew Bester, a former executive of Lloyds Banking Group, replaced him.
Wood leaves Co-op Bank nearly 12 months after it struck a £700m rescue deal that saved it from potential collapse last September.
The refinancing and restructuring package agreed to by the Co-op Bank’s hedge fund investors – which include Silver Point Capital and Cyrus Capital – saw the bank effectively sever its historic relationship with the Co-operative Group, and separate itself from the wider mutual’s pension scheme.