Pennycook rings the changes as The Co-op delays results
THE CO-OPERATIVE Group has announced a raft of changes to its top-level team, and also postponed its forthcoming annual results.
The beleaguered mutual organisation, which was rocked last week by the departure of chief executive Euan Sutherland, said the changes would help with the delivery of “the first phase of the group’s purpose and strategy and start the important work of revitalising the organisation.”
The Co-op said the results had been delayed to give new acting CEO Richard Pennycook “some breathing space” after taking on the role last week. The figures, which are set to reveal a loss of more than £2bn, will now be released on April 17, rather than on March 26.
In terms pf senior personnel changes retail chief executive Steve Murrells, will now take on responsibility for property and estates. Martyn Hulme, managing director of Co-operative Estates, will report to him.
Rod Bulmer, previously deputy chief executive of the Co-operative Bank, will join the management executive as CEO consumer services. From June this role gives him responsibility for general insurance, funeralcare and legal services.
Nick Folland, chief external affairs officer, is adding responsibility for all aspects of membership and social goals to his existing responsibilities for internal and external communications. Marketing director Gill Barr will now report to him.
Claire Davies has been appointed as Group Secretary, joining the business from Lloyds Banking Group. She will work closely with General Counsel Alistair Asher and will report to Ursula Lidbetter, group chair, in the running of the group board and its committees.
Sam Walker, previously HR director group functions, has been appointed as chief HR officer and joins the management executive. She succeeds Rebecca Skitt, who has left the business. Paula Kerrigan joins the management executive as chief strategy officer.
The group said it would be creating a new executive role of chief operating officer to oversee finance/procurement, IT, risk and transformation delivery.
This role will be taken by Richard Pennycook, currently interim chief exeucutive, once a permanent CEO has been appointed.
Until this takes place an interim chief operating officer will be recruited.
In a further change, Mark Summerfield has been appointed managing director of The Co-operative Banking Group. In that role he will run the general insurance business as well as overseeing the ongoing work to separate the group from The Co-operative Bank.
Richard Pennycook, Interim Group Chief Executive, said: “I am pleased to be announcing these changes to our management team, which mean we are better positioned to tackle the complex issues we face.
“We are focused on the hard work needed to complete the development of our new strategy. This is the right team to deliver that strategy in the interests of all our stakeholders – customers, colleagues and members.”
