Co-op reshuffles management in group’s first wave of reforms March 19, 2014 THE MANAGEMENT team at the Co-op was reshuffled yesterday in the embattled group’s latest bid to show the leadership is serious about reforming its structure. It came as the mutual delayed its annual results and general meeting from next week to 17 April. The shake-up is the first stage of a series of reforms which [...]
City & Gild: Modernisation is the only way back to the future for the Co-op March 17, 2014 So what do we make of the recent goings-on at the Co-op Group, the once proud pioneer of social corporate responsibility? Taking their business issues to one side, it’s hard to knock their vision and values – to want to build a better society through ethical leadership (among other, altruistic aims) is not only a [...]
How Co-op may be downgraded if reforms falter March 12, 2014 THE TROUBLED Co-operative Group could lose its credit rating if it does not turn itself around, ratings agency analysts warned yesterday. Its reformist chief executive Euan Sutherland quit this week after failing to win over opponents on the group’s board. Sutherland will not be replaced until Lord Myners has completed his review of the mutual’s [...]
Co-op Group in turmoil: Sutherland quits and rival factions begin the fight for control March 11, 2014 THE CO-OP was plunged deeper into chaos yesterday as chief Euan Sutherland sensationally quit after just 10 months, inflaming a divisive row over modernising the mutual that threatened to split the board. Sutherland’s exit leaves serious question marks over the business’ future, with his resignation statement pointing to deep divisions at the top of the [...]
Meet the Co-op traditionalists’ top dog March 11, 2014 Ben Reid, the chief executive of the Midcounties Co-operative, is seen as the likely flag-bearer for the traditionalists in a battle for control of the Co-operative Group. The traditionalists have been opposed to many of the measures the departed chief executive Euan Sutherland has been trying to impose, such as restructuring, the selling off of [...]
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, [...]