Pennycook will take on his new role at the start of July, initially on an interim basis. He joins the group after almost eight years at Morrisons supermarket, where he was group finance director. Prior to this he held the same role at both RAC and JD Wetherspoon.
Humes, who had been finance chief since 2011, was forced to resign as a result of the on-going crisis at the bank.
‘Formidable top team’
The group has also named Richard Pym as chair of the Co-operative Bank. He joins the firm immediately and will act as an independent non-executive chair. Pym is currently chairman of UK Asset Resolution and will continue in this role alongside his duties at the Co-operative.
He succeeds Paul Flowers who has been chair of the Co-operative Banking Group and the Co-operative Bank for three year and is stepping down from both roles and leaving both boards.
Len Wardle, chair of the Co-operative Group, said: “Together with Euan Sutherland, group chief executive, and Niall Booker, our new Bank Chief Executive, we now have a formidable top team with exceptional financial, strategic and operational expertise across retail and financial services.”
Departures
Martyn Wates, director of both the Co-operative Bank and Co-operative Banking Group, has resigned, leaving his position with immediate effect.
David Davies has also announced his departure and will leave his role as director of both the Co-operative Bank and Co-operative Banking Group boards on 12 June.
