Leadership changes at The Co-operative Bank

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The Co-Operative Bank (formerly known as PSIS) has had a couple of big changes at the top, with both its chairman and chief executive resigning.

Thursday, January 26th 2012, 12:11PM

by Niko Kloeten

Chief executive Dr Girol Karacaoglu, who has been in the role for nine years, will be leaving on March 1 to take up the role of deputy secretary - macroeconomics and research, at the Treasury. 

The board has appointed Gareth Fleming, who holds the position of General Manager Marketing and Products at The Co-operative Bank, as acting chief executive from that date. 

Mr Fleming joined the company in 2008, and was previously a senior executive at ANZ National Bank.  He has previously deputised for the chief executive when Dr Karacaoglu was absent or committed elsewhere.

Long-serving chairman Sir David Gascoigne has also announced his resignation and he will be finishing on April 1, following the end of the current financial year.

The new chairman will be Steven Fyfe and the deputy chairman will be Paul Goulter.  The previous deputy chairman was Colin Hicks who died at the end of 2010.

Fyfe has held senior executive and governance roles recently in ANZ National Bank, where he rose to deputy chief executive before his retirement in 2011, and earlier in The National Bank.  

Goulter has been chief executive of the New Zealand Educational Institute since 2008. Prior to that, he had held senior positions in the trade union movement here and abroad, gaining a wide range of public and private sector experience.

"Now that the company has reached a new milestone in its  84 year journey, it is an appropriate time for me to step aside," Sir David said.

"The board as presently constituted has a good mixture of financial and commercial skills, along with an understanding of the Bank's traditions and co-operative values. It is that combination which gives the Bank its point of difference in its field - and a promising future."

He also paid tribute to Dr Karacaoglu for developing and improving the company's financial strength, culminating in its registration as a bank.

"He has been an outstanding leader", said Sir David, "with a persuasive and distinctive management ethos and style. We owe him a great deal. He has guided The Co-operative Bank on a responsible commercial basis, but has also adhered to its essence as a co-operative, serving the interests of its customers (who are also its shareholders)".

Niko Kloeten can be contacted at niko@goodreturns.co.nz

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