Who will replace him?
The Co-operative Group chief executive Richard Pennycook is set to step down from his role, he helped the company rebuild after its banking crisis.
Chief executive of the Co-op’s food division, Steve Murrells will replace him.
Murrells joined the Co-op back in 2012 and has helped lead a successful turnaround of the chain, he will replace Pennycook on 1 March.
Allan Leighton, Co-op chairman, said: “Richard Pennycook saved our Co-op,”
“In three short years, he has rescued and rebuilt our business, and restored pride to our 70,000 colleagues and 4.5 million members. We owe Richard a huge debt of gratitude and his place in Co-op history is secured.”
Despite the news, Pennycook will be kept on the Co-op’s payroll as he is being retained as an adviser for a fee of £20,000 a month.