Co-op Bank promotes ex-Lloyds man as sixth CEO in a decade

The lender's new CEO has been chief financial officer for the past two years

Lloyds Banking Group -

Co-operative Bank has promoted chief financial officer Nick Slape to the top role at the firm, making him its sixth chief executive in less than a decade.

Current chief executive Andrew Bester revealed earlier this month that he was stepping down, just two years after he in the role started.

Slape will take up his new position on October 31, 2020, two years after he joined the bank from Lloyds Banking Group PLC (LON:LLOY).

He had been finance director of Lloyds’ commercial banking arm since 2012.

In a statement, Slape commented: “Our franchise is proving resilient in these challenging times, and the steps made in completing major components of the transformation means we have a platform for growth. The next few years will continue to be key for The Co-operative Bank as we look to build on the progress to date and complete our turnaround plan.”

Announcing his surprise departure, Bester had said the turnaround he had been appointed to do was largely complete, having steadied the ship after several stormy years.

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