Co-op boss resigns

In an official statement this afternoon, the Co-operative said chief executive Euan Sutherland had stepped down.

by Emma Haslett

You can't blame Euan Sutherland for handing in his notice: in the eight months since he took the helm at the Co-operative, things have gone from the mildly challenging to the completely ridiculous: first he had to deal with ‘Crystal Methodist’ Paul Flowers, then he had to think of a way to plug a £1.5bn hole in his balance sheet. Then, over the weekend, he had to cope with someone leaking his pay packet (all £3.6m of it) to the Sunday papers.

Since last night, the group has been trying to work out a way to keep him on, but just after lunch today it issued a statement saying it had accepted his resignation, appoint chief financial officer Richard Pennycook as interim chief exec. Ursula Lidbetter, the group's recently-appointed chairman, said:

'It is with deep regret that I accept Euan's resignation. Last year, Euan and his team saved the Co-operative Bank, without recourse to the taxpayer, and in doing so rescued the Group from the biggest crisis in its 150-year history.'

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