The Co-operative Group, which is both a convenience store operator and a financial services provider, has announced that its Group Chief Executive intends to retire in May 2013, aged 63, after six years in his current role and 45 years working within the wider Co-operative group.
Peter Marks became Chief Executive of The Co-operative Group in 2007 after the merger of the Group with United Co-operatives, which he had previously led.
The firm said it will now begin the formal process of recruiting Marks's successor, and will consider both internal and external candidates.
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Marks is also planning to step down as a director from all the group subsidiaries, including the boards of Co-operative Banking Group and The Co-operative Bank.
Len Wardle, Chairman of The Co-operative Group, said: "Peter has done a truly outstanding job for The Co-operative Group. He was the architect of the current strategy to ensure that we developed real scale in our key businesses.
"Peter has led a strong management team which has ensured that those businesses are now stronger and better able to deliver for our millions of customers. Peter will remain with the group until our AGM next year, which will ensure an orderly transition to his eventual successor."
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