Co-op Bank appoints IT veteran as non-executive

Troubled lender Co-operative Bank, which is set to be seized by its bondholders, today said it had appointed Bill Thomas, a former senior vice-president at HP Enterprise Services, as a non-executive director.

The bank said Thomas, who is also a non-executive at infrastructure group Balfour Beatty, has a track record in “leading major change” at large organisations.

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Chairman Richard Pym added: “The Co-operative Bank has a poor track record of successful IT investment and Bill’s experience from working in major global IT businesses will be of enormous help to the board in supervising our IT investment programme”.

Co-op Bank is attempting to plug a £1.5 billion black hole in its finances and has agreed a deal with its bondholders that will see its parent, the Co-operative Group, left owning just 30 per cent of the lender.