Co-operative Bank is overhauling its board today in a bid to increase the mutual lender’s independence from its parent company.
The firm, which is putting the finishing touches to plans aimed at addressing a £1.5 billion capital shortfall, said Duncan Bowdler, Peter Harvey, Bob Newton and Len Wardle will step down as non-executives today, but will continue to serve on the board of Co-operative Banking Group.
Following their departures, the Co-op Bank board will comprise chairman Richard Pym, chief executive Niall Booker and his deputy Rod Bulmer, along with four independent non-executives and two shareholder representatives from Co-operative Group, including its Scots-born chief executive Euan Sutherland.
The bank said: “The board is currently recruiting three further independent non-executive directors and there will be one further Co-operative representative.
“It is envisaged that following this recruitment process, the board will be compliant with the UK Corporate Governance Code.”