Neville Richardson to leave CFS, Barry Tootell appointed Acting Chief Executive

July 22, 2011

The Co-operative Group has today (Friday 22 July) announced that Neville Richardson has advised that he has decided to step down as Deputy Chief Executive of the Group and Chief Executive of its financial services business, Co-operative Financial Services (CFS) and will be leaving the Group later in the year. Mr. Richardson joined The Co-operative Group in August 2009 when CFS merged with Britannia Building Society, of which he was Chief Executive.

In making the announcement, Group Chief Executive, Peter Marks said: “In the past couple of years, Neville has successfully led the integration of CFS and Britannia Building Society, exceeding pre-merger targets and achieving record financial results. At the same time Neville has put in place strong foundations on which the Co-operative Group can continue to build its customer-owned, ethical alternative to the other High Street banks. We are grateful to Neville for all he has done at CFS and at Britannia in the preceding years and wish him every success in his future plans.”

Commenting on his decision to move on, Mr. Richardson stated: “It was always my intention to seek new challenges once the merger of CFS and Britannia was well advanced. That time has now come and I want to move on to the next stage of my career. I am immensely proud of what has been achieved at CFS over the past couple of years and am confident that I will be leaving the business in great shape to grow and prosper in the years to come.”

Barry Tootell, Chief Financial Officer at CFS, becomes Acting Chief Executive with immediate effect. Mr Tootell, 50, joined The Co-operative Group in 2008. Prior to joining The Co-operative, Mr Tootell was Finance Director for consumer banking within Lloyds Banking Group.

For further information contact:

Russ Brady
Head of Public Relations
The Co-operative Group
Tel: 0161 827 5856

Susanna Voyle
Tulchan Communications
Tel: 020 7353 4200