Euan Sutherland, the chief executive of the Co-operative Group, has reportedly offered his resignation – a tactic that has been described as a “back-me-or-sack-me” move.
According to the BBC’s business editor Robert Peston, Sutherland says in a letter that the organisation is “ungovernable”. This follows a turbulent year that saw the group endure financial and cultural problems.
The Co-op Bank revealed a £1.5 billion shortfall in its balance sheet in June, followed by a rescue plan that included its maiden flotation on the stock market and the selling of 70% of the bank to outside investors.
The bank’s former chairman Paul Flowers then became embroiled in a drugs scandal which further hampered the organisation’s image.
Peston added Sutherland was “demoralised and fed-up” at the events, and that the group had “lost its way” as a result. He added that while the resignation offer may be a “back-me-or-sack-me” tactic, Sutherland may well still leave.
The Co-op chief exec came under fire on Sunday when it was revealed he would be getting a total paypacket worth £3.66m for 2013 – including a £1.5m salary and a £1.5m retention payment. This is despite reports that the overall group was expected to post its worst ever financial results in May.
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years