Co-op CEO Richard Pennycook set to step down

Who will replace him?

The Co-operative Group chief executive Richard Pennycook is set to step down from his role, he helped the company rebuild after its banking crisis.

Chief executive of the Co-op’s food division, Steve Murrells will replace him.

Murrells joined the Co-op back in 2012 and has helped lead a successful turnaround of the chain, he will replace Pennycook on 1 March.

Allan Leighton, Co-op chairman, said: “Richard Pennycook saved our Co-op,”

“In three short years, he has rescued and rebuilt our business, and restored pride to our 70,000 colleagues and 4.5 million members. We owe Richard a huge debt of gratitude and his place in Co-op history is secured.”

Despite the news, Pennycook will be kept on the Co-op’s payroll as he is being retained as an adviser for a fee of £20,000 a month.

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