Co-op group general counsel Alistair Asher is taking up a new role as director of special projects for the business, with former Dixons Carphone group GC Helen Grantham replacing him in the top legal role.

Grantham, who joined the Co-op as interim group secretary in January 2016, will formally take up the group general counsel role next week.

Before joining the retailer she held a number of other high profile in-house roles, serving as group GC of legacy Dixons for seven years before taking on the same role at Dixons Carphone following the 2014 merger of the two companies. She held this last role jointly with her Carphone Warehouse colleague Tim Morris.

Prior to her time at Dixons, Grantham was company secretary and GC for betting company William Hill, having trained at legacy firm Hammonds.

Asher joined the Co-op as its first group GC in 2013, from Allen & Overy (A&O). During his 34-year career at the magic circle firm – which included 26 years as a partner – he served as global head of financial institutions.

He joined the Co-op during a period of upheaval for the business, which at the time was setting out a £1.5bn rescue plan for its banking arm, of which he was appointed a director last year.

The troubled bank – which put itself up for sale earlier this year but failed to find a buyer – this week agreed a £700m rescue package of capital from hedge funds and other investors.

Clifford Chance is advising the Co-op Bank on the deal, with Linklaters advising the Co-operative Pension Scheme and A&O acting for the Co-operative Group.