The Co-operative Bank’s chief executive Girol Karacaoglu is leaving on March 1 to become a deputy secretary at the Treasury.
The bank’s chairman David Gascoigne is also leaving on April 1 and Steven Fyfe will take on that role. Paul Goulter has been named as deputy chairman. The previous deputy chairman Colin Hicks died at the end of 2010.
Gareth Fleming will be acting chief executive when Karacaoglu leaves. He is a former senior executive at ANZ National Bank and is currently general manager marketing and products at the Co-operative Bank.
"He has been an outstanding leader" Gascoigne said of Karacaoglu.
“The position at the Treasury was offered to him, and the board has supported his wish to leave the Co-operative Bank as at March 1 in order to take up that position,” he said.
Karacaoglu will head macroeconomics and research at Treasury.
The Co-operative Bank, formerly known as PSIS, was registered as a bank by the Reserve Bank of New Zealand in October last year.
Fyfe retired from ANZ National Bank in 2011 when he was deputy chief executive.