Co-op Bank turns to former Shawbrook finance director in bid to reverse fortunes – Telegraph.co.uk

The Co-operative Bank has hired an extra pair of hands to help speed up its turnaround, appointing a former Shawbrook chief weeks after announcing plans for a £700m rescue deal

The troubled lender abandoned an outright sale last month in favour of a rescue from its US hedge fund owners, a move which saw it all but break ties with the Co-operative Group. 

Bringing in a chief restructuring officer, a new job for the bank, was “part and parcel” of that agreement and will involve supporting chief executive Liam Coleman during the revival, one source said.

The restructuring job is to be filled by Tom Wood, who was Shawbrook Bank’s finance director until late last year and was its interim chief executive in 2015, not long after the challenger bank floated on the London Stock Exchange

Co-op Bank turns to former Shawbrook finance director in bid to reverse fortunes – Telegraph.co.uk}

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