Corporate expertise imported from Morrisons, A&L and HSBC as staff ‘step down’

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.

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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

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