Co-op boss Euan Sutherland quits

The chief executive of the Co-operative Group, Euan Sutherland, has resigned from the embattled bank, saying the Group’s structure was “ungovernable”.

It emerged this morning that Sutherland had written a “back-me-or-sack-me” letter.

He has now stepped down.

It is understood that Sutherland offered to resign as a point of principle, according to Sky News, and that colleagues have attempted to persuade him to stay.

Sutherland’s resignation follows disclosures to the media over his proposed remuneration package of £3.66m for 2013.

After the information was leaked, Sutherland took the unusual move of taking to Facebook to write a frustrated letter to Co-op employees.

Sutherland joined Co-op in May last year, and said in February that 2013 had been “perhaps the worst year” in the Co-op’s history and that it had “lost its way”.

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