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Co-op chief exec Euan Sutherland hands in resignation

Co-op Group chief executive Euan Sutherland has tendered his resignation, the BBC reports.

It is reported that the board has responded to his resignation letter by offering to restructure after Sutherland described it as ‘unmanageable’. 

He joined the company last May. During 2013 the Co-op experienced a series of problems after the banking division found itself with a £1.5bn capital shortfall and chairman Paul Flowers left the business after alleged drug use.

Yesterday the Co-op recommended to shareholders that they agree to a bonus package worth £3.66m for Sutherland.

The Co-op was not available for comment. 

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. A bonus package worth £3.66m for eight months work?

  2. Yep, nice work if you can get it!
    I’m beginning to change my mind about yesterday’s announcement by Labour, to add an additional tax to banker’s bonuses to fund the 18-24’s guaranteed job’s programme. How about 95% – that’ll still leave him with £183k net, which is enough.
    The words cloud and cuckoo land spring to mind………

  3. Why do they all jump ship when the stuff hits the fan?
    They all helped to create this mess that they now find themselves in. They take the money and run, that does not sound totally honest to me.
    I thought these guys were supposed to be made of better stuff than us mere mortals?

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