Co-op Group boss quits ‘impossible’ organisation
Euan Sutherland quit his role as ceo of The Co-operative Group this month, claiming it was impossible to introduce the necessary changes to the business.
Sutherland reportedly resigned at an emergency board meeting on March 10.
He said: "It is with great sadness that I have resigned as chief executive. I have given my all to the business and had hoped to be able to lead its revival.
“However, I now feel that until the group adopts professional and commercial governance it will be impossible to implement what my team and I believe are the necessary changes and reforms to renew the group and give it a relevant and sustainable future.”
Chief financial officer Richard Pennycook has taken over as interim ceo.
Co-op Group chair Ursula Lidbetter said Sutherland’s resignation must now act as a catalyst for the real and necessary change which the group must now go through.