First female boss for Co-op Group as CEO plans to stand down
The chief executive of the Co-op Group has announced he is to stand down after 10 years.
Steve Murrells will leave the post in May, as the group has appointed Shirine Khoury-Haq, group CFO and CEO of Co-op Life Services, as its interim group CEO – the first female to hold the position.
Murrells said: “It is important to put a clear CEO succession plan in place. This is especially the case as we begin the process to appoint a new chairman.
“In such circumstances I would either have needed to commit for another five years or step down now to allow a new CEO to become established and allow a smooth transition to occur, ahead of a new chairman arriving. I have therefore chosen to take that step now.
“I have had 10 wonderful years at the Co-op and am very proud of all that we have achieved and how we’ve shown that a purpose-led organisation, focussed on a strong vision of fairness and values can make such a difference. Thanks to our amazing colleagues, we have been there for millions of members and customers when they have needed us the most.”
Allan Leighton, chair of Co-op, said: “Steve’s decision will ensure the transitioning of both Chair and CEO will take place seamlessly. Steve has done a tremendous job at the Co-op in his 10 years of tenure and has been at the forefront of our transition. He is a top class leader and person and his legacy in the Co-op is firmly embedded.
“Shirine has excellent leadership skills and a deep level of operational experience, gained globally across a number of sectors. She understands our Co-op and I and the rest of the board, look forward to working closely with her going forward.”
Khoury-Haq said: “I am proud to be part of a wonderful organisation that contributes so much to our communities and our country. We have lots to do and I am looking forward to working with my 60,000 colleagues, Allan and our board to continue to make the Co-op a special place to work while providing great products and services to our customers and members.”
Khoury-Haq joined the Co-op in August 2019 as group CFO.
She brings a wealth of experience to her two-and-a-half years with the business, as COO at Lloyd’s of London for five years, and group head of operations and UK chief operating officer at Catlin Underwriting Agencies from 2007-14.
As CFO and and CEO of Life Services, Khoury-Haq has been responsible for the Co-op’s financial, technology, digital, and transformational operations. She has led its insurance, legal services and insurance businesses.
