Co-op announces board reshuffle after CEO resignation

It describes the changes as 'designed to ensure the delivery of the first phase of the Group’s purpose and strategy and start the important work of revitalising the organisation'. It also announced that it is delaying the publication of its annual results and report and accounts, previously due on March 26, until April 17.

In one of many changes, Mark Summerfield has been appointed Managing Director of The Co-operative Banking Group. In that role he will run the General Insurance business as well as overseeing the ongoing work to separate the Group from The Co-operative Bank.

Richard Pennycook, Interim Group Chief Executive, said:

"I am pleased to be announcing these changes to our management team, which mean we are better positioned to tackle the complex issues we face.
 
"We are focused on the hard work needed to complete the development of our new strategy. This is the right team to deliver that strategy in the interests of all our stakeholders - customers, colleagues and members.”