The chief executive of the Co-operative Bank is to step down after 18 months in the role, the bank has announced.
Liam Coleman stepped up from being deputy chief executive at the bank in January last year, replacing Niall Booker who had been appointed to turn the institution around.
His departure means the loss-making bank will be looking for its fifth chief executive in seven years, having completed a recapitalisation process last year.
Coop's board said it was mindful of the need to manage an orderly succession and would make further announcements in due course.
Mr Coleman will remain in situ as the search for a successor progresses.
The bank was plagued by scandal in 2013 when then-chief executive Paul Flowers was forced out on a number of criminal charges, leaving it with a £1.5bn hole in its finances.
Last year it agreed to a £700m rescue package to avoid being wound down after it failed to find a buyer.
Mr Coleman said he felt a great sense of achievement in how the bank has turned around in the past five years.
He said: "This is a great bank with a strong customer base and distinct brand and the progress made means there is much to build upon.
“However, having successfully completed the recapitalisation process last year, I feel it is now both the right time for me and for the business to look to new leadership for the next stage of the journey."
The bank has posted losses for each of the past five years, due to its struggles, which in part stem from its ill fated takeover of Britannia Building Society in 2009 and problems with its IT systems.
But Bob Dench, chairman at the Coop Bank, said it has come a long way since.
He said: "Liam has played a key role over the last five years, and as CEO led the bank through its successful recapitalisation in 2017 which transformed the bank's capital position.
“Under Liam's tenure the Bank is stronger and more resilient on many levels having also completed the outsourcing of our major IT systems to IBM; continued to significantly de-risk the balance sheet; and substantially reduce our cost base.”
He added: "Our priority for the next phase is further to rebuild the bank's competitiveness as a genuine alternative for customers."
carmen.reichman@ft.com
