Polynomial as a new variable - a Banach algebra with a functional calculus

Given any square matrix or a bounded operator $A$ in a Hilbert space such that $p(A)$ is normal (or similar to normal), we construct a Banach algebra, depending on the polynomial $p$, for which a simple functional calculus holds. When the polynomial is of degree $d$, then the algebra deals with continuous $\mathbb C^d$-valued functions, defined on the spectrum of $p(A)$. In particular, the calculus provides a natural approach to deal with nontrivial Jordan blocks and one does not need differentiability at such eigenvalues.