Neville Richardson will step down from his roles as Co-operative Financial Services chief executive and group deputy chief executive later this year.
Richardson joined the Co-operative Group in August 2009 when CFS merged with Britannia Building Society, of which he was chief executive.
CFS chief financial officer Barry Tootell, who joined the group in 2008, becomes acting chief executive with immiediate effect.
Richardson says it was always his intention to move once the integration of the two business was complete.
He says: “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.”
A report in the Financial Times says sources close to Richardson was “luke warm” on the group’s bid for the 630 Lloyds Banking Group branches up for sale and did not want to be tied to another lengthy integration, following the integration of Britannia BS.
The news follows Co-op FS’ decision to sell its life arm to Royal London which saw it axe 670 adviser jobs.