Saturday, November 25, 2017

Co-operative chief offers letter of resignation

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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.