The Co-operative Bank has revealed its new CEO, with Andrew Bester to step down after he helped deliver "key elements" of the firm's transformation plan.
Nick Slape has been appointed to the role from within - stepping up from his old job as chief financial officer, with effect from October 31.
Mr Slape joined the bank in 2018, and was appointed to the board of directors last year, working closely with Mr Bester in shaping the bank's five year plan. That included leading its "wider turnaround" focused on implementing a customer-first approach.
He has a career spanning over 37 years in financial services both in the UK and overseas, also holding senior positions at Lloyds Banking Group, Deutsche Bank and Merrill Lynch.
Mr Slape said: "I am excited to be taking on the role of CEO and leading the Bank into its next phase, having worked closely with Andrew to shape the strategy and deliver some key milestones together. Our franchise is proving resilient in these challenging times, and the steps made in completing major components of the transformation means we have a platform for growth.
"The next few years will continue to be key for The Co-operative Bank as we look to build on the progress to date and complete our turnaround plan. We have committed, purposeful colleagues and our shared priority will be to support our loyal customers through the uncertainty of the pandemic. Our distinct brand and co-operative values are fundamental to the success of this unique Bank that is much loved by our colleagues and customers and I look forward to achieving a sustainable future."
Bob Dench, chairman, added: "I am delighted to be appointing Nick as CEO. He has played a leading role in shaping and delivering key elements of the turnaround plan and as a result of robust succession planning, he is the natural choice to lead the Bank as we move towards achieving sustainable profitability.
"We have made good progress in recent years and key to this success has been Nick's sound financial management. I look forward to working with him in his new role as CEO as he leads the continuation of our strategy."
