Overcast

Overcast

max temp: 22°C

min temp: 15°C

Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

Retail: Co-operative Group confirms Richard Pennycook as chief executive following reform vote

16:19 04 September 2014

Co-operative Group chief executive  Richard Pennycook.

Co-operative Group chief executive Richard Pennycook.

Co-operative Group boss Richard Pennycook said today that the business was ready to start rebuilding its shattered reputation as he was confirmed as its new chief executive.

Mr Pennycook, who was previously finance director, had been standing in as chief since March when predecessor Euan Sutherland walked out, claiming the group was ungovernable as he tried to push through reforms in the teeth of opposition.

Last weekend, however, the mutual’s members voted to approve a radical package of changes and Mr Pennycook has now accepted the chief executive role on a permanent basis.

The food-to-funerals group reported a record £2.5billion loss for 2013 as it was dragged down by the near-collapse of its banking arm but said yesterday it had seen an overall return to profit.

The group reported income of £116million for the six months to July 5, compared with a £1billion loss for the same period last year, despite revenues falling from £5.3bn to £5.1bn.

However, these figures include profits from the group’s farms and pharmacy operations, which have now been sold to ease its debt burden, plus last year’s major losses from the bank and one-off gains from pensions reclassifications.

Stripping out all of these factors, the group saw a £9m pre-tax loss for the first half this year.

Mr Pennycook said yesterday: “I am delighted to have the chance to lead the Co-operative Group through the crucial job of rebuilding the business.

“We have taken major steps forward over the last six months, securing governance reform and repairing our balance sheet, but we have much to do to return the group to full financial health and improve the performance of our businesses.”

: : The East of England Co-operative Society, which is based at Wherstead, near Ipswich, and operates across north Essex, Suffolk and Norfolk, is a separate organisation and not part of the Co-op Group.

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Ipswich Star visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Ipswich Star staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Ipswich Star account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Programme Name: Robot Wars - TX: n/a - Episode: n/a (No. n/a) - Picture Shows: The House Robots Dead Metal, Sir Killalot, Matilda, Shunt - (C) Mentorn Media Scotland - Photographer: Alan Peebles

“For too long, the schedules have cried out for a show in which dedicated amateurs, toiling day and night, handcraft sophisticated automatons built on the delicate interplay of hand-wired servo motors with custom-built circuit boards and fingertip motion control, just to see them get smashed to pieces by a dustbin carrying a massive hammer.

Flower left at Bramford Recreation Ground on Saturday to mark the third anniversary of toddler Ryan Ward's death.

Travellers have arrived at a playing field in Ipswich - almost three years to the day since a toddler was killed in a collision with a van at the same site.

Abellio Greater Anglia

A person has been pronounced dead after being struck by a train near Needham Market station.

A company in Gt. Blakenham has been making insoles for years but everything has suddenly taken off since Usain Bolt started using their products. Pictured is director Bente Smith-Rewse.

He is one of the most recognisable, decorated and influential sportsmen on the planet – but Usain Bolt is now endorsing a product made in the heart of Suffolk.

It's hot up there!

You know it’s hot when your thighs stick together. For men out there, it’s more of a woman thing, writes Lynne Mortimer.

The snake captured by residents in St John's Road, Ipswich.

Brave neighbours came to the aid of a father and his three young daughters who were left stunned when they discovered an exotic-looking snake coiled in their back garden.

England's Harry Martin in 2014.

The greatest sporting spectacle on the planet is almost upon us once again.

Sandcastle building at Southwold

What are we doing today? The summer holidays are here and to help parents in Suffolk we are offering a guide to 12 days out on the Suffolk coast that won’t cost a penny.

Firefighters from Suffolk Fire and Rescue Service attended.

Firefighters helped free a baby locked in a car in Ipswich today.

Roadworks currently ongoing at Majors Corner, Ipswich.

Work to upgrade the gas mains in Ipswich’s Woodbridge Road East has been postponed until August 1 following a request from Suffolk County Council.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24