LONDON, March 19 Britain's troubled Co-operative
Group said on Wednesday it would delay publication of
its full-year results as it detailed changes to its executive
management team in the wake of the abrupt exit of its chief
executive earlier this month.
The 170-year-old mutually owned-group, which includes food
shops and funeral parlours and a stake in Co-op Bank, said it
would now publish its annual results and accounts on April 17.
They had been scheduled to be released on March 26.
The Co-op said Richard Pennycook, who took on the role of
interim group chief executive when Euan Sutherland resigned as
CEO on March 11, would become chief operating officer when a
permanent group CEO had been appointed.
Pennycook's COO role will oversee finance/procurement, IT,
risk and transformation delivery.
A search for an interim COO has started.
The group said Steve Murrells, CEO retail, will maintain
responsibility for food, pharmacy, farms and e-store but will
also take on responsibility for property and estates.
Rod Bulmer will join the Co-op's management executive as CEO
consumer service in June with responsibility for general
insurance, funeralcare and legal services. He was previously
deputy CEO at The Co-operative Bank.
Amongst further changes Mark Summerfield has been appointed
managing director of The Co-operative Banking Group and will
oversee work to separate the group from The Co-operative Bank.
The Co-op said its annual meeting was still slated for May
17, at which members will hear details of the group's strategy
Its senior independent director Paul Myners warned on Friday
that the group need to reform or would else face extinction.
(Reporting by James Davey; editing by Kate Holton)