Co-operative Bank
The Co-operative Group has been struggling with its banking performanceReuters

The Co-operative Group announced on 26 June that it has appointed ITG Group chairwoman Stevie Spring and MoneySupermarket.com CEO Peter Plumb as independent executive board members.

The two business executives started their duties on 25 June and are part of the company's recovery-drive after years of struggling with losses in its banking division.

Media veteran Spring, who is also the chairwoman of BBC's Children in Need, has experience with turning around businesses, especially during her time as chief executive at Future PLC, where she led a restructure involving job cuts accounting for 10% of the company's total workforce.

The Co-op said that Plumb also has experience in turnarounds, adding that the appointments of the executives will help with the plans for the company's future.

"Both are highly successful senior leaders with a wealth of experience across various business sectors," Co-op non-executive chair Allan Leighton said in a statement regarding Plumb and Spring. "Their dedication to making a difference for millions of people and their communities demonstrates a great fit with the values and purpose of the Co-operative Group."

The announcement comes a month after the company appointed non-executive BBC director Simon Burke as board member, as part of a major shake-up in the Co-operative structure.

The board was earlier cut to 11 from 18 seats after business giant and independent Co-op board member Lord Paul Myners urged the company to review its leadership structure.