The Co-operative Group has today announced that CEO Peter Marks is to retire in May next year after six years in the role.
Prior to his current role, Marks operated as CEO of United Co-operatives and maintained his position following a merger with the Co-operative Group in 2007.
Since then, the group noted, its presence in the burgeoning grocery market has grown thanks in part to its acquisition of failing business Somerfield and the group is now the fifth largest player in the food retail market.
Len Wardle, Chairman of The Co-operative Group, explained that Marks will remain on board until next year‘s AGM to ensure an orderly transition for any successor, adding: “Peter has done a truly outstanding job for The Co-operative Group.
“He was the architect of the current strategy to ensure that we developed real scale in our key businesses. Peter has led a strong management team which has ensured that those businesses are now stronger and better able to deliver for our millions of customers.”
The Co-operative Group, like the majority of retailers, has struggled to maintain its position in the market with parent company The Co-operative Food, which recently announced Steve Murrels as its new CEO, reporting a 20 per cent plummet in profits last year.
Commenting on his departure, Marks said that the business has been transformed over the past five years as the top management team has made decisions for the long term in the interests of both members and customers.
“I have a great team around me; one that has been strengthened over the past year as the Group has continued to attract top talent across its businesses,” Marks added.
“Given all we have achieved, it now feels like the right time for me to stand down. I know this business will continue to flourish for years to come because of our determination to put the customer at the centre of everything we do and because I leave the Group in very safe hands.”