The Co-operative Bank has announced that its Chief Executive, Andrew Bester, will step down from his role – as well as standing down as a Director at its parent company.
The sudden move means that the bank has launched a search for a successor to Bester, who will stay in post until a new CEO is found. Only six weeks ago, the lender announced its plans to cut 350 jobs and close 18 branches, many at its Manchester headquarters.
Bester and the board of directors at Co-op Bank say they want to ensure a smooth transition, and will confirm the effective date that Bester will leave both the bank and the board of The Co-operative Bank Finance plc.
Andrew Bester said: “It’s been a real privilege to lead an organisation with such a distinct brand, clear purpose and values and I’m so proud of the work of all colleagues to both deliver our strategy and to make a difference to the communities around us.
“I’m delighted that, despite the challenging environment we currently all face, we are supporting our customers through these difficult times and seeing positive growth in balances and new customer numbers.”
Andrew Bester was appointed in 2018 to lead a transformation programme for the bank, based around separation from The Co-op Group, who sold its final stake in the bank in 2017. He ran a successful digitalisation programme for Co-op Bank, and separated IT systems from The Co-op Group. He was also responsible for reenergising the brand and improving customer satisfaction.
Following reputational damage after the departure of chairman, the Rev Paul Flowers, in 2013, Bester has driven the establishment of a new vision Co-operative Bank, which he now sees as complete.
“My ambition was to complete the major transformation phase of the turnaround and for our franchise to show resilience.
“At this point, I believe the bank is on the right path and it is time for a new CEO to continue the journey to be the digital ethical bank. In the meantime I remain focused on working with colleagues to provide the support our customers need.”
Bob Dench, Chairman of The Co-operative Bank, said: “I would like to thank Andrew for his dedicated leadership since taking up the position of chief executive officer.
“We appointed Andrew for his significant expertise in delivering major transformation programmes and he has ensured that we have successfully completed the ‘fixing the basics’ phase of our turnaround. The progress made provides the foundations for the bank to grow and to build a successful future.”
