Co-operative Group announces management overhaul
Wednesday 19 March 2014
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.
- 2 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 3 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 UK weather: Britain braced for snow to replace sun as arctic air mass moves in
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Russian hack of President Obama's emails worse than previously admitted
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow to replace sun as arctic air mass moves in
Nepal earthquake: US Pastor Tony Miano sparks outcry by suggesting Nepalis should convert and not rebuild their 'pagan shrines'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...