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 [...]
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 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 [...]
Co-op considers cutting its ties to Labour Party February 17, 2014 THE CO-OPERATIVE Group is considering cutting its historic ties with the Labour Party as it looks to reform its structure in the wake of the Paul Flowers scandal. The retail and banking group’s reputation has taken a series of devastating blows after its banking arm nearly collapsed in the summer, and allegations of drug abuse emerged against [...]
Co-op wants your input – but has already botched its survey February 17, 2014 The Co-op Group is “asking the nation for help” it announced this morning. Rest assured, it isn’t the latest cry from its troubled bank – rather, the group has admitted it’s “lost touch” with customers. The “Have Your Say” survey is asking members for views on the future of the group and the “big issues” [...]
Co-op given a warning over Lloyds in 2011 February 11, 2014 THE CO-OP Bank was warned in 2011 by the Bank of England that it needed to do more work to successfully take over 632 Lloyds branches – an effort which failed almost 18 months later. A letter from top regulator Andrew Bailey from December 2011 was published yesterday laying out his concerns over capital and governance. He [...]