The long-standing chairman of the Cooperative Group has quit after the drugs scandal involving former bank boss Paul Flowers.
Len Wardle, who has held the position since 2007, was due to leave next May but said he will go straight away, having led the board that appointed Flowers.
Flowers, who chaired the Co-operative Bank for three years from 2010, was exposed on video apparently buying and using illegal drugs.
Mr Wardle said: "The recent revelations about the behaviour of Paul Flowers, the former chair of the Co-operative Bank, have raised a number of serious questions for both the bank and the group.
"I led the board that appointed Paul Flowers to lead the bank board and under those circumstances I feel that it is right that I step down now, ahead of my planned retirement in May next year.
"I have already made it clear that I believe the time is right for real change in our operations and our governance and the board recently started a detailed review of our democracy.
"I hope that the group now takes the chance to put in place a new democratic structure so we can modernise in the interests of all our members."
It emerged yesterday that disgraced Methodist minister Flowers committed gross indecency in a public toilet.
The ex-chairman of Co-op bank, who is gay, admitted the offence in June 1981 and was fined
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