Yesterday the FT reported the Co-operative Group’s announcement of two senior appointments, following the selection of Niall Booker, an HSBC veteran, to lead the stabilisation effort as the new chief executive of the Co-operative Bank.
Richard Pennycook, the former finance director of supermarket chain Wm Morrison, will be the group’s new finance director, succeeding Steve Humes, who stepped down recently.
Richard Pym, a former chief executive of Alliance & Leicester and current chairman of UK Asset Resolution, the government-owned organisation created from parts of nationalised lenders Northern Rock and Bradford & Bingley, is to be non-executive chairman for its financial services arm and bank. He succeeds Paul Flowers, who the Co-op said was also “stepping down”. Mr Pym will retain his UK Asset Resolution post.
The creatures outside looked from pig to man, and from man to pig, and from pig to man again; but already it was impossible to say which was which.” – George Orwell, Animal Farm, Ch. 10