Agence France-PresseMarch 11, 2014 15:32
Britain's Co-operative Group announced Tuesday that chief executive Euan Sutherland has resigned, throwing the troubled mutual into a fresh crisis.
He will be temporarily replaced by chief financial officer, Richard Pennycook, until a new CEO can be found, the Co-operative said in a statement.
Sutherland has decided to step down after less than a year at the helm, blaming the failure to reform the governance of the mutual that is owned by its 4.7 million customers.
"It is with great sadness that I have resigned," Sutherland said in the official statement.