Richardson to quit Group role

August 02 2011

Co-operative Financial Services Chief Executive Neville Richardson is to leave his post later this year.

Mr Richardson, the Co-operative Group’s Deputy Chief Executive and former Chief Executive of the Britannia Building Society prior to the completion of its 2009 merger with CFS, said the time is ripe for him to seek a new career challenge.

Making the announcement, Group Chief Executive Peter Marks said: “In the past couple of years, Neville has successfully led the integration of CFS and Britannia, exceeding pre-merger targets and achieving record financial results.

“At the same time, he has put in place strong foundations on which the Co-operative Group can continue to build its ethical alternative to the other high street banks. We are grateful to Neville for all he has done and wish him every success in his future plans.”

Said Mr Richardson: “It was always my intention to seek new challenges once the merger of CFS and Britannia was advanced. That time has now come and I want to move on to the next stage of my career. I am immensely proud of what has been achieved at CFS over the past couple of years and am confident I will be leaving the business in great shape to grow and prosper in the years to come.”

Barry Tootell, Chief Financial Officer, becomes Acting Chief Executive with immediate effect. Mr Tootell, 50, joined the Group in 2008 and was previously Finance Director for consumer banking within the Lloyds Banking Group.

Category: Wider Co-op Movement