Co-op Group boss Euan Sutherland has offered his resignation as he believes the group is “ungovernable”.
The BBC reports that Sutherland has already written a “back-me-or-sack-me” resignation letter.
The news comes after the Co-op chief executive berated his board in a Facebook post to all Co-op employees, after his pay details were leaked to the media.
Sutherland, who joined Co-op last May, has seen the bank go through upheavals like the departure of former chairman Paul Flowers after alleged drugs offences.
He said last month that 2013 had been “perhaps the worst year” in the Co-op’s long history and it had “lost its way”.