– UK – The Co-operative Bank today announces the appointment of a new Independent Non-Executive Director, Derek Weir. Derek has over 25 years of financial services experience holding a range of senior positions in corporate and commercial banking. During this time he held posts both in the UK and internationally, at Barclays Bank plc and Royal Bank of Scotland plc, including being the Managing Director responsible for Commercial Banking in the UK for Royal Bank of Scotland. Derek has been a Non-Executive Director for a number of SMEs in the last five years.
Following a search conducted by specialist recruitment consultants, Derek is the first director to be nominated by shareholders under the November 2013 relationship agreement between The Co-operative Group, the Co-operative Bank and the Co-operative Banking Group executed at the time of the Liability Management Exercise (LME). This agreement included a mechanism for shareholders who subscribed for additional ordinary shares in the Bank as part of the LME to nominate up to two Directors to join the Bank’s Board.
Richard Pym, Chairman of The Co-operative Bank, said: “We welcome Derek to the Board as an independent director. His experience in both banking and also serving on the Boards of a wide range of businesses will prove extremely valuable as we continue to progress the turnaround of the Bank.”
Derek Weir said: “The Co-operative Bank has a rich heritage and a distinct position in the market and central to that are the values and ethics that set it apart. I am looking forward to joining the Board as the Bank implements its business plan to return to its roots serving individuals and small and medium sized businesses.”
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