By Michael Somerville - 09:36AM - Tue 11th March 2014
Co-op group chief executive Euan Sutherland has offered his letter of resignation in a “back-me-or-sack-me” move following opposition to his reforms for the mutually owned chain of supermarkets, banks and funeral homes.
It is reported he offered to resign in a letter to the chair Ursula Lidbetter and believes the group is “ungovernable” and has “lost touch with its customers.”
Sutherland, who joined the group from home improvement firm Kingfisher last May, is said to be “demoralised and fed up,” according to BBC business editor Robert Peston.
The resignation letter comes days after his £3.66m pay deal was leaked by “an individual or individuals” who were determined to undermine him.
Last month the Co-op launched a public poll – open until 24 March- to ask people for their views on its future.