Co-operative Bank has selected the chairman of UK Asset Resolution, the state-owned holding company which houses the "bad banks" of Northern Rock and Bradford and Bingley, as its chairman. The appointment of Richard Pym comes as part of the latest management and boardroom shakeup of the mutual lender in the wake of its downgrade from Moody's last month. Richard Pennycook, group finance director at WM Morrison Supermarkets, will also join the Co-operative Group as interim finance director from July 1.