Confidential exclusive - Lynda Shillaw’s off

Lynda Shillaw, the managing director of The Co-operative Estates, the property arm of the Co-operative, has left the business.

“Lynda has made a significant contribution to driving our business forward in very exciting and challenging times. It was with mixed emotions that she accepted Lloyd’s offer.”

Shillaw is to join Lloyds Banking Group as managing director of corporate real estate.

She had been managing director of The Co-operative Estates since 2006 and has overseen a number of key projects for the group, including its new headquarters on Corporation Street.

Group chief executive Peter Marks said: “Lynda has made a significant contribution to driving our business forward in very exciting and challenging times. It was with mixed emotions that she accepted Lloyd’s offer but I completely understand and respect her desire to accept this outstanding opportunity.”

Shillaw’s is the second high profile departure in the same week after the group announced that Patrick Allen, its marketing director, had left the business yesterday.