CFS announce new organisational structure

CO-OPERATIVE Financial Services has announced a new organisational structure aimed at helping it become a more united and customer-focused business.

From January, CFS – which was formed in 2002 to bring the Co-operative Bank and Co-operative Insurance Society closer together – will be structured around types of activity instead of the current split between CFS, the Bank, General Insurance and the Life & Savings business.

The new functions will include: Distribution & Services; Business Management; Change Management; Finance; Human Resources; Information Systems and Compliance.

Distribution and Service will include all sales, service and support activities, which will be managed together to provide consistent customer service. Business Management will bring together product development, marketing and strategy development in a function focussed on sustainable profitability.

The new Change Management function will provide a consistent approach for the design, delivery, control and benefits tracking for the change programme across CFS.

In the new structure, Gerry Pennell will continue as Chief Information Officer responsible for Information Systems across both CFS and the Co-operative Group. John Reizenstein will continue as Finance Director, bringing the various finance teams together, and will also assume responsibility for Risk and Investment Management.

Stephan Pater will become Distribution and Services Director and Craig Shannon will take on the role of Business Management Director. Charles McKeown will take up a senior role within the Distribution Division and Bryan Portman is to join the Co-op Group as Chief Financial Officer.

Three members of the current CFS Executive team, Sheila Macdonald, Chief Operating Officer for the Bank, John Marper, Risk and Compliance Director and Ken Lewis, Resources Director have decided to take early retirement in the first half of 2006.

CFS Chief Executive David Anderson commented: "The new structure will help us to be much more responsive to the needs of our customers and ensure we are better placed to achieve our vision of becoming the UK&#039s most admired financial services business.

"Sheila, John and Ken have all made very significant contributions to the organisation over many years for which we thank them. Their experience will be missed."

Internal and external candidates will be considered for the vacant roles of Change Director, Human Resources Director and Compliance Director in the new CFS executive team.