Partly Cloudy

Partly Cloudy

max temp: 9°C

min temp: 5°C

Search

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

An Ipswich minicab driver has been convicted of touting for business and stealing a £450 phone belonging to a teenage girl he illegally picked up at Cardinal Park.

A former Ipswich businessman who lost a £2,000 Cartier watch has said an honest stranger who found it and handed it in has restored his faith in human nature.

Quiet morning so far on the roads and trains, with one cancellation and some congestion.

There is nothing worse than getting stuck in traffic jams caused by roadworks.

Police are investigating the circumstances into the death of a man and woman at a property in Stowmarket.

Organised drug networks are increasingly infiltrating rural and coastal towns in Suffolk, a new police report warns.

It is not a pastime that is enjoyed quietly, and the people of Felixstowe were certainly aware when this parade of Morris dancers travelled through the town in 1991.

Jay Z, Pink, Rudimental and Ellie Goulding will be among the acts at V Festival.

The roadblock on the A12 has been lifted and a woman in a critical condition has been taken to hospital.

It’s a day where tensions can run high for both Norwich and Ipswich fans.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Newsletter Sign Up

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24