Belfast Telegraph

Changes at the top for Co-op managers


Under-fire banking and retail giant the Co-operative Group has announced further moves to beef up its management team by recruiting the former finance director of Morrisons and the chairman of the UK's nationalised banks.

The customer-owned group said Richard Pennycook will become group finance director, while Richard Pym, chairman of UK Asset Resolution, will chair the Co-operative Banking Group, which has been under pressure over its capital strength.

The Co-op Bank was forced to reassure customers it does not need a government bailout after being downgraded to junk by ratings agency Moody's amid fears over its capital reserves.