Co-Op bank appoints ex-Hiscox executive as CFO
John Worth previously worked for the insurance company as interim chief financial officer
Updated : 14:53
The Co-operative bank has appointed former Hilcox executive John Worth as its Chief Financial Officer, according to Reuters.
Co-Op said that current chief John Baines would step down on September 28 and leave the company at the end of that month.
Worth's appointment comes two and a half months after the bank named Liam Coleman as deputy chief executive in the expectation that he would succeed CEO Niall Booker.
Troublesome real estate loans left the British bank with a 1.5bn pound hole in its capital 3 years ago, and close to collapse.
Worth's appointment is effective Sept. 1, the company said in a statement on Friday.