Co-op accepts Sutherland resignation March 11, 2014 The Co-op has accepted the resignation of the group's chief executive Euan Sutherland with immediate effect. Sutherland said in a statement that he would not accept the retention payments and long term incentive payments that were previously agreed. Richard Pennycook, chief financial officer, has been appointed as interim group chief executive. Sutherland said: It is [...]
Co-op’s Sutherland writes letter of resignation March 11, 2014 Co-op Group’s chief executive Euan Sutherland has penned a letter of resignation, reports the BBC’s Robert Peston. Sutherland says in the letter that he believes the group to be “ungovernable”. Sky News understands he's resigned on a point of principle. Speaking on Radio 4, Peston said the group's board are trying to persuade him to [...]
Co-op boss pay packet backed by bondholders March 10, 2014 CO-OP Bank bondholders yesterday backed a £3.66m pay deal for the wider group’s chief executive Euan Sutherland as the storm over the pay award intensified. Sutherland has been in the firing line over the plans after details appeared in The Observer newspaper on Sunday. He later said figures were leaked by members of his own [...]
War breaks out in Co-op boardroom March 10, 2014 CO-OPERATIVE chief executive Euan Sutherland yesterday launched a furious attack on members of his own board after a suspected leak revealed details of his £3.66m pay deal. Sutherland took the unusual step of posting on social network Facebook to lash out at the “individual, or individuals” on the Co-op board who he said were determined [...]
Baked spuds to baby eating: Odd analogies March 5, 2014 THERE must have been something in the air yesterday, not one but two business leaders made baffling analogies in their statements to the press. Perhaps it was an attempt to enamour us by beating tedium and referencing food but Admiral chief executive Henry Engelhardt described the insurance giant’s last 365 days as “the year of [...]
The Co-operative to double food convenience shops in five years March 5, 2014 THE CO-OPERATIVE Group is to double the number of convenience stores to around 4,000 in the next five years as it fights back against growing competition from other major rivals piling into the convenience sector. The expansion push forms part of retail chief executive Steve Murrells’ plans to turn around the Co-op’s beleaguered food business, [...]
Co-op Group plans sell-off as heads for its worst-ever loss February 26, 2014 THE Co-operative Group said yesterday it was selling its farming business and looking at offloading its pharmacies after a banking crisis that has sent its losses spiralling to the worst levels in its 170-year history. The sales are part of a restructuring at the member-owned group, rocked in the past year by the discovery of [...]
Co-op confirms farm sell-off amid group turmoil February 26, 2014 The Co-op is preparing to sell its farming operations, which includes 15 farms, as well as its 750 pharmacies in an effort to stem the company's losses. The Co-op is expected to post its worst ever results of a £2bn loss, primarily from the company's banking arm, when it releases its results on 26 March. [...]
Co-op closer to ending Labour Party payments February 23, 2014 TENS of thousands of Co-operative Group members and customers have given the retailer feedback on how it should be run, including whether it is right to give money to the Labour Party, the firm said yesterday. Chief executive Euan Sutherland has admitted its links with the party have never been clear, indicating it may cut [...]
Metro Bank: First London – next, the rest of the UK February 23, 2014 Metro Bank’s chairman and founder tells Tim Wallace he wants to take the Southern-focused lender out to a national audience IT HAS shaken up London’s retail banking scene, with bright new branches on busy high streets, and a bold American-style service ethos. But although Metro Bank startled the market as Britain’s first lender in more [...]