Financial results announcement delayed three weeks

The Co-operative has promoted general insurance managing director Mark Summerfield to managing director of the banking group as part of a wide-ranging management restructure after the resignation of chief executive Euan Sutherland last week.   

Summerfield will continue to run the general insurance business as well as overseeing ongoing work to separate the group from the bank.

The wide management reshuffle also saw Co-operative Bank deputy chief executive Rod Bulmer move to become chief executive of consumer services. He will be responsible for general insurance as well as legal services and funeral care.

The group also announced that it will delay publication of its full year results from 26 March to 17 April.

Interim group chief executive Richard Pennycook will move to a new role of chief operating officer when a new chief executive s appointed.