Co-op Bank chief steps down

MERVYN PEDELTY, Chief Executive of Co-operative Financial Services, the Co-operative Bank and Co-operative Insurance Society, has announced his immediate retirement from full-time employment in order to spend more...

MERVYN PEDELTY, Chief Executive of Co-operative Financial Services, the Co-operative Bank and Co-operative Insurance Society, has announced his immediate retirement from full-time employment in order to spend more time on his charitable and other external interests.

As a result, he has stepped down as a director of CFS, the Co-op Bank and CIS.

CFS chairman Bob Burlton said: `We understand Mervyn&#039s decision to devote more time to other interests and charitable causes and thank him for his service to CFS, CIS and the Co-operative Bank in particular, which has enjoyed strong and profitable growth under his leadership.`

Mr Pedelty commented: `I have enjoyed my seven years with the Co-operative Bank and also latterly with CFS and CIS. I am proud of what has been achieved and am glad the modernisation programme at CIS is well underway. I wish my colleagues across CFS and the Co-operative Group continuing success in the future.`

The Co-operative Group has announced that Paul Hewitt, Co-operative Group Chief Financial Officer, is appointed Acting Chief Executive of CFS, the Co-operative Bank and CIS with immediate effect. He has been a director of all three organisations since May last year.

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