The Co-operative Group has announced a major management shake-up which will see acting chief executive Richard Pennycook take up the role of chief operating officer once a new chief executive is found.
The changes come in the wake of the shock resignation of former chief executive Euan Sutherland last week when he described the business as ungovernable.
Pennycook, former finance director of Morrisons, said the changes to the management team “mean we are better positioned to tackle the complex issues we face.
“We are focused on the hard work needed to complete the development of our new strategy. This is the right team to deliver that strategy in the interests of all our stakeholders — customers, colleagues and members.”
He also announced that the group has put back publication of its full-year figures, which are expected to show losses of more than £2 billion, from March 26 to April 17. That is the latest date on which they can be published in time for the group’s annual meeting a month later.
The management changes include the return of Rod Bulmer, former deputy chief executive of Co-op Bank, to a new role as chief executive of consumer services.
Bulmer, who only left last month, will have oversight of the Co-op’s general insurance business, funeral services and legal services. He was heavily involved in the £1.5 billion restructuring of the bank which saw hedge funds take control of it.