Co-op Group chairman Len Wardle to stand down
LEN Wardle, chairman of The Co-operative Group, has announced he will stand down next year and is urging members of the mutual to appoint an independent successor.
His departure will sever the final link with the previous management, and comes after some of the most turbulent and traumatic periods in the group’s recent history as a £1.5bn hole was uncovered in the Co-operative Bank’s balance sheet.
Mr Wardle said: “In August this year, I informed the board that it was my intention to step down at the end of my term of office whilst also making clear that I wanted to drive hard the reforms to modernise the group.
“The Co-operative is at its best when it is reforming and I want this change to continue. I want to persuade our members that The Co-operative Group should now look to an independent chair to lead the business, working side-by-side with the members who represent the movement.”
Chief executive Euan Sutherland said: “Firstly, I want to thank Len for his leadership and commitment to The Co-operative over the last six years. Under his guidance we have made significant progress on beginning the reform which we will announce as planned in May 2014.
“I look forward to working with colleagues and members to ensure that we return the business to growth over the coming years.”
Earlier former chief executive Peter Marks said the mutual’s organisational structure and scale – it operates businesses in farming, funerals, pharmacies, legal services, retail as well as banking – meant resources could be spread too thin.
