Co-operative chair Len Wardle has announced that he will be resigning with immediate effect. Wardle had planned to retire next year, in May.
He will be replaced by Ursula Lidbetter, who is currently group deputy chair and chief executive of the Lincolnshire Co-operative Society.
The past week has seen former Co-op bank chairman Reverend Paul Flowers disgraced by a video published by the Mail on Sunday, in which Flowers is seen to be counting money to buy drugs.
Wardle said that "the recent revelations about the behaviour of Paul Flowers, the former chair of The Co-operative Bank, have raised a number of serious questions" and that he feels it is right that he now steps down.