Top finance boss to step down at Co-op

The Co-operative has announced that its chief financial officer is to retire next year.

Ian Ellis joined the Manchester based organisation in March 2015 and is one of two executive directors on the Co-op’s board.

He also played a pivotal role in helping the Co-op recover from a series of scandals and a major financial crisis.

A statement to the Stock Market announced the executive will retire at the next AGM in May.

He will continue in his current role while the search for his replacement gets underway.

Before joining rhe Co-op Mr Ellis was chief financial officer at hardware chain Wilko.

Before that he was head of finance at Morrisons and had held senior finance roles in Northern Foods.

Co-op chairman Allan Leighton said: “Ian has played a key role in rebuilding the Co-op which goes way beyond just repairing our finances.

“His belief in the need for us to build strong Co-op businesses in order to create value to share with our members and their communities and the financial discipline he has re-established across the organisation has helped set us up for future success.

“Ian will be greatly missed by colleagues and members and we all wish him well for his retirement when the time comes.”