Financial services industry veteran Dennis Holt has been named as the new chairman of troubled Co-operative Bank.
Mr Holt has held the post on an interim basis since Richard Pym anounced his departure for Allied Irish at the start of this month.
He has as now been given the nod on a permanent basis and his appointment has received the necessary regulatory clearance.
He is the third new chairman to lead the bank in less than two years since a £1.5 billion black hole was revealed in its finances.
The scandal and controversy sourrounding the conduct of former chairman Paul Flowers nearly brought the institution – and the wider Co-operative Group – to its knees.
Mr Holt first joined the bank’s board as senior independent director in February this year but his selection as chair came following a process led by interim senior independent director Richard Coates, supported by a leading search firm.
He has worked in banking and insurance for 43 years and has held a number of senior positions including main board executive director at Lloyds TSB with responsibility for the retail bank, chairman of the Bank of Ireland UK and chairman of Liverpool Victoria. He is currently Non-Executive chairman of Beazley plc.
“I am delighted to have been appointed to chair The Co-operative Bank and look forward to continuing to work with the board, the executive and the staff,” Mr Holt said yesterday.
“Considerable progress has been made over the last twelve months and we are clear on what remains to be done.
“I look forward to the challenge of completing this work and supporting Niall and his team as we build on our heritage of offering banking services rooted in strong ethics and values to individuals and small businesses.”
Bank CEO Niall Booker said the appointment of Mr Holt was a key milestone as the bank’s recovery continued.
He said: “His involvement in a wide range of challenging market environments will serve the bank well as we continue to restore trust in our brand and focus on building a credible, efficient and differentiated alternative for customers.”
“His contribution as the senior independent director over the last nine months has been invaluable and I’m pleased that the bank will continue to benefit from his experience, counsel and existing institutional knowledge as we continue the work required to turn the bank around.”