Business

Co-op Bank finance boss steps down after less than a year in the job

The chief financial officer of the Co-operative Bank has bowed out after only 11 months in the job.

Tom Wood will leave his role once a successor has been appointed, with the board set to begin a formal search process in due course.

Wood joined the Bank in September after the position's former occupant, John Worth, stepped down with only a little over a year under his belt. His replacement will be the bank's fourth chief financial officer in under three years.

Wood had been leading the Co-operative Bank's restructuring effort, after it agreed a £700m rescue deal with hedge funds shortly before he took on the role. The bank said it has made "significant progress" on the restructuring, but more needs to be done.

Read more: Co-op Bank names former Lloyds Commercial Banking boss as new CEO

The news comes as its chief executive Liam Coleman was replaced by former Lloyds Banking Group top boss Andrew Bester in July, after an eventful five years at the bank.

"It has been a privilege to lead the restructuring of The Co-operative Bank," said Wood in a statement.

"The hard work of many colleagues has helped us achieve some key milestones ahead of schedule, in particular towards de-risking the balance sheet, reducing our pension liabilities and improving the capital position."

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