LONDON, April 17 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
(Reporting by Paul Sandle and Matthew Scuffham; editing by Kate