March 11, 2014 / 9:00 AM / in 4 years

Co-op Group CEO Euan Sutherland tenders his resignation-source

LONDON, March 11 (Reuters) - Co-op Group’s Chief Executive Euan Sutherland tendered his resignation on Monday morning, saying the member-owned group was “ungovernable” and in need of major reform, according to a source familiar with the matter.

The board of the group, which spans supermarkets to banks, held a emergency meeting on Monday evening to discuss Sutherland’s move, the source said, during which they agreed to put forward reforms including the establishment of a new board led by an independent chairman.

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