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10/04/2014
Lord Myners Quits As Co-op Group Board
Former City minister and business reforms leader Lord Myners has quit the board of the trouble Co-operative Group before his report is even completed.
His departure is another blow to the company, which is enduring losses of up to £2bn, and comes just hours after its largest independent society, Midcounties, which operates Group Energy as well as Co-op branded food stores, voted against his early proposals.
His full report was not due to be completed until the end of the month but the work will continue despite his decision to step down as an independent director.
No reason for his decision was given though the deeper uncertainty over the group's future structure risks splitting the co-operative movement.
The group's chief executive, Euan Sutherland, also resigned last month after saying that the business was “ungovernable”, and in later findings Lord Myners warned the group would collapse unless drastic steps were taken to overhaul a “massive failure” of governance.
Lord Myners shake-up plans included abolishing the 21-member board, splitting it unto two – one from representatives of its traditional membership and another with a plc-style panel responsible for the commercial decisions.
Co-op Group chair Ursula Lidbetter had appointed Lord Myners as a senior independent director in December, giving him the responsibility of a full review of the entire business.
(CVS/MH)
His departure is another blow to the company, which is enduring losses of up to £2bn, and comes just hours after its largest independent society, Midcounties, which operates Group Energy as well as Co-op branded food stores, voted against his early proposals.
His full report was not due to be completed until the end of the month but the work will continue despite his decision to step down as an independent director.
No reason for his decision was given though the deeper uncertainty over the group's future structure risks splitting the co-operative movement.
The group's chief executive, Euan Sutherland, also resigned last month after saying that the business was “ungovernable”, and in later findings Lord Myners warned the group would collapse unless drastic steps were taken to overhaul a “massive failure” of governance.
Lord Myners shake-up plans included abolishing the 21-member board, splitting it unto two – one from representatives of its traditional membership and another with a plc-style panel responsible for the commercial decisions.
Co-op Group chair Ursula Lidbetter had appointed Lord Myners as a senior independent director in December, giving him the responsibility of a full review of the entire business.
(CVS/MH)
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