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.