Partly Cloudy

Partly Cloudy

max temp: 5°C

min temp: 0°C

Search

Retail/Banking: Co-operative group boss Euan Sutherlands ‘offers resignation’

10:53 11 March 2014

Co-operative Group chief executive Euan Sutherland has reportedly tendered his resignation.

Co-operative Group chief executive Euan Sutherland has reportedly tendered his resignation.

Co-operative Group chief executive Euan Sutherland has reportedly offered to quit, saying the business is “ungovernable”.

shares

Co-operative Group chief executive Euan Sutherland has reportedly offered to quit, saying the business is “ungovernable”.

Mr Sutherland, who took over at the food-to-funerals company last May, is said to have written a resignation letter to the board in a “back-me-or-sack-me” move.

Members of the board are trying to persuade him to stay, according to the BBC.

The leaking of details about his bumper pay deal, which he felt was an attempt to destabilise him and prevent him pushing through reforms, was reported to be a factor in his decision last night.

A spokeswoman for the group could not immediately be contacted for confirmation of the report.

It emerged at the weekend that Mr Sutherland was to receive a deal worth £3.6million despite the Co-op facing a £2billion loss after the biggest crisis in its history.

The group is facing large-scale job cuts after a disastrous year in which its banking arm needed to be rescued when a £1.5bn hole was discovered in its balance sheet.

It is now facing an overhaul as well as a series of investigations into what went wrong, as well as continuing questions over the appointment of disgraced bank chairman Paul Flowers despite a lack of knowledge of the sector. Mr Flowers was later exposed in a newspaper drugs sting.

Labour and Co-operative Party MP Meg Hillier criticised Mr Sutherland’s actions, telling BBC Radio 4’s Today programme: “Obviously he has got a timetable and things have to be done, but he is jumping the gun and completely ignoring the mutual ethos of the Co-operative Group.”

She added: “Strong leadership in a mutual model doesn’t mean throwing a fit and throwing your toys out of the pram when something like your salary is leaked.

“This is a very big ... plc-style salary in a co-operative group. No doubt he believes he is worth that, but then he shouldn’t be so upset that it has been leaked. If he thinks he is worth it he should explain it or if he is embarrassed it has leaked he shouldn’t take it.”

shares

0 comments

East Anglian Air Ambulance. Library image.

Emergency services were sent to a serious two-car crash in Ipswich last night.

Len Phoenix with his latest swimming medals taking his total to over 1000.

Our photographers travel across Suffolk and north Essex, recording the events of the week.

Haughley Park was a blanket of white on the morning of January 17.

Forecasters have issued a yellow weather warning for possible snow and ice across the region today and tomorrow.

St Elizabeth Hospice launch of a brand new challenge to win your wedding at Glemham Hall

Couples waiting to tie the knot can enter a competition run by St Elizabeth Hospice to have their big day all paid for.

An Abellio Greater Anglia train at Colchester. Library image.

Late running engineering works are causing residual delays to rail services in Suffolk and Essex this morning.

30mph sign in Brantham on A137

A man in his 80s has died following a crash on the A137 in Brantham last night.

Eve Riches' guide dog Jet was attacked while walking from Colchester station to the Sixth Form College where she works.

A blind woman has described the “frightening” moment a Husky attacked her guide dog in Colchester.

The Belstead House in Pinweood, Ipswich.

Frustrated councillors who object to plans to build 155 homes in their parish are threatening legal action against planners.

Former Met police officer Colin Sutton with his dog Jasper

Many might describe Colin Sutton as a ‘proper copper’ - the sort with blue blood running through his family’s veins.

Mick McCarthy, Manager of Ipswich Town shouts instructions Bristol City v Ipswich Town

Ipswich Town boss Mick McCarthy says he is as frustrated and agitated as supporters after this afternoon’s 2-1 defeat at relegation-battling Bristol City made it four losses from five games in all competitions.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Great British Life

Great British Life
MyDate24 MyPhotos24