Changes within both the executive team and board of The Co-operative Bank have been announced by chairman David Gascoigne.

The Board has appointed Gareth Fleming as acting chief executive, effective of 1 March.

Former chief executive to the Co-operative Bank for nine years, Girol Karacaoglu will be leaving the position to take up the role of deputy secretary – Macroeconomics and Research at the New Zealand Treasury.

Mr Fleming joined what is now the Co-operative Bank back in 2008, where he currently holds the position of general manager marketing and products. He has previously deputised for the chief executive when Mr Karacaoglu was absent or committed elsewhere.

Gareth Fleming has also previously been a senior executive at ANZ National Bank Ltd.

There will also be changes at Board level.

The Board has decided upon a new chairman Steven Fyfe, who has held senior executive and governance roles in The National Bank of New Zealand and most recently at ANZ National Bank Ltd, and deputy chairman Paul Goulter who has been chief executive of the New Zealand Educational Institute since 2008 along with holding previous senior positions in the trade union movement here and abroad.