He takes over from the current MD, David Neave, who will be leaving the role in mid-2013.
Mr Neave announced his departure in December 2012 after seven years at The Co-operative. He will be pursuing non-executive roles.
Mr Summerfield, who is presently MD of the Co-op's life and savings business, will retain responsibility for this area in a new combined role of managing director, insurance division.
He has worked in the business for over eight years and the company said he would work with Mr Ne
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