The chief financial officer of Co-op Bank announces plans to resign after less than a year

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Clear-out at Co-op Bank continues as finance chief announces plans to resign after less than a year

Daily Mail City & Finance Reporter

The cleaning of the main ranks of the Cooperative Bank continued when the finance chief, Tom Wood, announced his plans to resign after less than a year in office.

Wood, who also served as the bank's restructuring officer, was retiring after achieving "significant progress" in the bank's restructuring.

He was the third finance chief in two years when he joined the bank in September 2017, replacing John Worth.

The wood will stay on until a replacement is found. This is the third big game among the top managers of the Bank of the cooperative this year.

President Dennis Holt was replaced by Bob Dench in the spring and a few months later, CEO Liam Coleman left after only a year and a half on paper.

Andrew Bester, a former executive at Lloyds Banking Group, replaced him.

Wood leaves Co-op Bank almost 12 months after reaching a £ 700 million bailout agreement that saved him from possible collapse last September.

The refinancing and restructuring package agreed by hedge fund investors of Banco Cooperativo -including Silver Point Capital and Cyrus Capital- saw the bank effectively break its historical relationship with the Cooperative Group, and separate from the mutual pension plan wider. .

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