Tuesday 20 August 2019

Co-op Bank launches search for new chairman as Dennis Holt set to retire

Mr Holt will retire shortly before his 70th birthday.

Co-operative Bank Stock
Co-operative Bank Stock

By Kalyeena Makortoff, Press Association City Reporter

The Co-operative Bank has launched a search for a new chairman ahead of Dennis Holt’s retirement next year.

The Press Association understands that Mr Holt is set to step down in spring 2018 ahead of his 70th birthday next autumn.

It will end his three-year stint as the bank’s chairman, having been appointed in October 2014.

The move will coincide with his plans to step down as non-executive chairman of specialist insurance firm Beazley, with the company revealing last month that he will be replaced by Nationwide Building Society chairman David Roberts as of March 2018.

The Co-op Bank’s own search for Mr Holt’s successor is currently under way.

The Co-op Bank declined to comment.

It is the latest executive change for the bank after announcing plans to replace finance chief John Worth for director and chief restructuring officer Tom Wood back in September, and follows the successful completion of a £700 million deal that saved the troubled lender from a potential collapse.

The £700 million refinancing and restructuring package – agreed to by the Co-op Bank’s hedge fund investors earlier this summer – saw the bank effectively sever its historic relationship with the Co-operative Group and separate itself from the wider mutual’s pension scheme.

The rescue package gives the Co-op Bank the ability to meet regulations on long-term capital requirements, avoid it being wound down and allow it to continue as a standalone lender.

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