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Co-op Financial Services chief exec to step down

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.


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There are 5 comments at the moment, we would love to hear your opinion too.

  1. Fascinating timing.

    Always his intention? Or Peter Marx (Group CEO) finally realising he wasn’t up to it? Do the dirty on the life business and then there’s a nice little goodbye payment!

  2. Having seen “Big Nev” in action, I wouldn’t hire him. Especially on the £1m per year he must think he can command.

    Bring back David Anderson!

  3. Farewell Mr Richardson.

    I was a CFS employee when he took over. I remember his big conference at the Reebok Stadium. Amidst the back-slapping over the Britannia take-over / bail-out I asked if CFS would bid for Lloyds branches or Northern Rock. The great man said no sighting some drivel about culture or ethical policy.

    A week later Peter Marx (his boss as group CEO) was all over the papers answering the same question with a “definitely”.

    Pushed or jumped?

  4. Good riddance, he’s trashed everything the co-op stood for

  5. rochdale pioneer 3rd August 2011 at 10:54 am

    he came he conquered and wrecked the co-op.

    thank you neville enjoy your severance and no doubt the staff being made redundant wish you every success on your next hatchet mission.

    as above good riddance

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