Euan Sutherland, the chief executive of The Co-operative Group - which owns 30% of the Co-operative Bank - resigned on 11 March. His resignation was accepted. This follows the row about pay which started following revelations on 9 March.
This impacts on the bank not least because the two organisations are linked strongly in the public mind and often confused in the media. We know from many comments from supporters that the reputation of the Co-op Bank has suffered, even though the pay row was solely about the Group. The Co-op Bank chief executive Niall Booker remains in place.
Here at Save Our Bank we think it is really important to keep the pressure on the bank, particularly with the forthcoming consultation on ethics. That means sticking with the bank: if we leave in ones and twos we will have no impact.
We think we should be making it very clear to the bank management that fair pay is an important issue for many customers - that a bank with "ethics in its DNA" has fair pay. We will update supporters shortly on plans to drive that message home.