Co-op chief Marks to stand down

PETER Marks, the Yorkshireman who has transformed the Co-operative Group as chief executive for the last six years, is to retire next year, the mutual said today.
 
Mr Marks who brought United Co-operatives into the Co-operative Group 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, 63, will retire at The Co-operative Group’s Annual General Meeting on 18 May 2013.

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

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.”