Governance & Management Changes at The Co-operative Bank - Member FAQs
Why is the Chairman and CEO leaving The Co-operative Bank?
Sir David Gascoigne has been the Chairman of The Co-operative Bank since 1996 and Girol Karacaoglu has been the CEO for the past nine years. Both Sir David and Girol played instrumental roles in helping PSIS become a registered bank under the name The Co-operative Bank. This was a significant milestone in our 84 year history and they both feel it's an appropriate time to step down and bring in a new CEO and Chairman to grow The Co-operative Bank by leveraging its co-operative difference.
What changes can we expect now that PSIS has become a registered bank?
Our current CEO, Dr Girol Karacaoglu, is stepping down after 9 years on March 1, 2012. Girol has taken up a position as Deputy Secretary - Macroeconomics and Research, at the New Zealand Treasury.
Who is the new CEO?
A permanent CEO hasn't been appointed yet. Our Acting CEO will be Gareth Fleming. He's been the General Manager – Marketing and Products at The Co-operative Bank since 2008 and leads a number of key initiatives that demonstrate the bank's co-operative difference. Gareth has deputised for our CEO, Girol Karacaoglu, in his absence on a number of occasions.
Who is the new Chairman and what is their background?
The new Chairman of The Co-operative Bank, effective from April 1, is Steven Fyfe. Steven has a wealth of experience in banking, having recently retired from a 29 year career with the ANZ National Bank group in New Zealand. During that time he was a Director and Chief Financial Officer of The National Bank from 1997 to 2004, and was Deputy CEO of ANZ National Bank from 2009 to 2011.
What impact will this have on members?
There will be no impact on members at all – it will be business as usual. Our commitment to our members will remain unchanged and our members' best interests will continue to be our number one priority.
Will The Co-operative Bank still be committed to being a co-operative?
We'll always be 100% committed to our co-operative values. Over the coming months we'll be introducing a number of new initiatives to further demonstrate our co-operative difference, such as providing our members a stronger voice in how The Co-operative Bank is run and giving back some of our profits to members in the form of a rebate.
For further information visit www.co-operativebank.co.nz or contact your local branch.
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