Co-op Financial axes marketing chiefs

Co-operative Financial Services (CFS) has axed marketing director David Newman and board-level commercial chief Craig Shannon (pictured) as part of a clear-out of 17 senior managers. The two top marketers have already left the organisation which today announced a restructure that is expected to lead to 1,000 job cuts – 10% of the workforce – among back office staff.

CFS, the financial arm of the Co-operative, has about 6.5 million customers. Its brands include the Co-operative Bank and online bank Smile. It plans to save £100m in annual costs through the restructure.

Newman oversaw the creation of a Co-operative “master brand” uniting the organisation’s different arms. Business management director Shannon was a member of the CFS executive board and had profit responsibility for marketing, general and life insurance and corporate banking. He was appointed to the board in 2003 and was previously marketing director.

A spokesman says the senior management clear-out leaves more than 80 senior executives still in place. Marketing will be handled by CFS chief executive David Anderson and director of distribution and service Stephan Pater.

The spokesman adds: “We are looking at the whole of our management structure as part of today’s announcement. The situation concerning the senior leadership is being looked at in the context of where the business is going from here.”

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here