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 Britain’s nationalised banks.
The customer-owned group said Richard Pennycook will become group finance director, while Richard Pym, chairman of UK Asset Resolution (UKAR), will chair the Co-operative Banking Group, which has been under pressure over its capital strength.
The Co-op Bank was recently 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.
Last month it stopped lending to new corporate customers as it seeks to repair a major hole in its finances. Mr Pennycook was finance director of Morrisons for eight years.