The UK's Co-operative Group today announced a major management shake-up which will see interim 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'.
In an announcement the Co-op also revealed they will be delaying the publication of their annual results, report and accounts. With record losses of £2 billion expected, the Group blamed the results postponement to April 17 on Sutherland's resignation.
Chief information officer Andy Haywood has stepped down from the group’s management executive.
Joining him in stepping down are Co-operative Estates managing director Martyn Hulme and group marketing director Gill Barr. Mr Hulme will now report to Steve Murrells, CEO of the group’s retail arm, who will take on extra responsibility for property and estates.
Ms Barr will report to chief external affairs officer Nick Folland, who is adding membership and social goals to his communications responsibilities.
Mark Craig, director of Co-operative relations, will be leaving the group altogether after more than 30 years. Rod Bulmer, former deputy chief executive of the Co-operative Bank, will join the group’s management executive as CEO of consumer services.
Paula Kerrigan will join the management executive as chief strategy officer, Claire Davies has joined the business from Lloyds Banking Group as group secretary and Sam Walker will take on the role of Chief HR Officer. Other changes include the appointment of Mark Summerfield as managing director of the Co-operative Banking Group.
“I am pleased to be announcing these changes to our management team, which mean we are better positioned to tackle the complex issues we face," said Richard Pennycock. “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.”
© 2014 - European Supermarket Magazine by Enda Dowling
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