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Co-op Group chairman Wardle to step down in May 2014
October 22, 2013 / 2:03 PM / in 4 years

Co-op Group chairman Wardle to step down in May 2014

LONDON, Oct 22 (Reuters) - The Co-operative Group’s Chairman Len Wardle will step down from the board of the troubled mutual next May and has recommended he be replaced by a candidate independent of the Co-operative movement.

Britain’s biggest customer-owned business has been plagued by problems at its banking arm and said on Monday it would cede control of the business to a group of bondholders including U.S. hedge funds.

Britain’s financial regulator revealed a 1.5 billion pound capital shortfall at the Co-operative Bank in June.

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