Co-op interim CEO says will lead the group through reform

Source: Reuters - Thu, 17 Apr 2014 10:11 GMT
Author: Reuters
Tweet Recommend Google + LinkedIn Email Print
Leave us a comment

LONDON, April 17 (Reuters) - Richard Pennycook, the interim chief executive of Britain's Co-Operative Group, said he would lead the drive for reform at the mutual after it posted the biggest loss in its 150-year history.

Pennycook told reporters he would be "amazed" if an independent review did not conclude there had been issues of governance failure at the supermarket-to-funeral-homes group.

Earlier on Thursday, the member-owned organisation posted a loss of 2.5 billion pounds for 2013.

Pennycook said the group would not be in breach of its banking covenants as it moved forward, and its lending banks were supportive.

(Reporting by Paul Sandle and Matthew Scuffham; editing by Kate Holton)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of the Thomson Reuters Foundation. For more information see our Acceptable Use Policy.

comments powered by Disqus