Co-op chief Marks set to retire

PETER Marks, who has transformed the Co-operative Group, as chief executive for the last six years, is to retire next year, the mutual said earlier this week.

Mr Marks who brought United Co-operatives into the Co-operative Group in 2007 then led the movement into a number of big-ticket deals including the acquisition of Somerfield, the merger with Brittania Building Society and most recently the acquisition of more than 600 branches from Lloyds Banking Group.

Mr Marks, will retire at The Co-operative Group’s Annual General Meeting on May 18 2013. The Bradford-born executive will be 63 when he retires and will have worked for the co-operative movement for 45 years.

The group will now start the formal process for recruiting a successor, which will involve the consideration of both internal and external candidates.

Mr Marks said “I am extremely proud of what has been achieved at The Co-operative Group over the past five years. We have transformed this business while staying true to our roots as a mutual, ensuring that we now offer value with values to millions more customers than ever before.

“Our ownership model means that the top management team has been able to take strategic decisions for the long term, in the interests of our members and customers and I am confident we have laid the foundations for the ongoing success of the group.

“I have a great team around me; one that has been strengthened over the past year as the group has continued to attract top talent across its businesses.”

He added: “Given all we have achieved, it now feels like the right time for me to stand down. I know this business will continue to flourish for years to come because of our determination to put the customer at the centre of everything we do and because I leave the group in very safe hands.”

Len Wardle, Chairman of The Co-operative Group, said: “Peter has done a truly outstanding job. 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.

“As a result, The Co-operative Group is better placed than ever before to do what it does best – offering a real alternative on the high street with a unique focus on ethical business under a brand which, more than any other, stands for trust. Peter will retire next year with our thanks and good wishes for the future.

“He will remain with the Group until our AGM next year, which will ensure an orderly transition to his eventual successor.”

Mr Marks, who in his spare time plays in a rock band in his native Yorkshire, joined what became Yorkshire Co-operatives in 1967 as a
management trainee in the food retail business.