Co-op Bank appoints finance boss as sixth chief executive in a decade
The Co-op bank has named finance boss Nick Slape as its new chief after Andrew Bester announced his departure just two years into the role.
Slape, who will step up as chief executive on 31 October, will be the bank’s sixth boss in a decade after years of controversy.
His appointment comes after the shock resignation of Bester earlier this month, who said it was time for someone else to lead the bank forward. “My ambition was to complete the major transformation phase of the turnaround and for our franchise to show resilience.”
“At this point, I believe the bank is on the right path and it is time for a new chief executive to continue the journey to be the digital ethical bank”, he added.
Slape joined the Co-op bank as chief financial officer in October 2018 from Lloyds Banking, where he was finance boss of the commercial division for five years.
He has previously worked at a number of investment banking giants, including Deutsche Bank and Merrill Lynch.
“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”, he said today.
“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.”
The Co-op bank has been mired in controversy in recent years including in a missing cash and a drugs scandal.
In 2013 the bank was forced to pull out of a deal to buy hundreds of Lloyds branches from a larger rival, which led to staff finding a £1.5bn hole in its balance sheet. The wider Co-operative group was forced to cut its stake in the bank as part of a rescue deal.
In that same year the former chairman, Paul Flowers, was caught in a tabloid sting buying drugs.