The chief executive of the Co-operative Group, Euan Sutherland, resigned abruptly this week after details of his latest pay deal had been leaked and widely criticised. Sutherland, who had only led the group for ten months, called it “ungovernable” in his resignation letter. He was hoping to change the complicated governance structure at the stricken mutual into an arrangement more typical of quoted companies.
What the commentators said
“There is a battle for the soul of the Co-op underway,” said Robert Peston on the BBC. It’s between a “professional executive team” brought in to rescue the group, and the [...]
Want to read this article now?
Already a MoneyWeek subscriber? Please log in below.
Not a subscriber? Sign-up now for a 4 week FREE trial to get instant access.