Independent official and new chair will be appointed right after proposals cased by former City minister Lord Myners
The eleven officials have quit the board of the complicated Co-operative Group last week. The group has been troubled for quite some time now. Currently, all of them are aware of the major overhaul and started to adapt the changes in boardroom that will include appointing the new chair and a sole director.
The group from Manchester announced a new independent official will be introduced later this week. Chosen from of the three separate boards that are looking over the food enterprise, bank and funeral homes, wherein it has roughly 20% stake.
There are four different directors participating in the board-Simon Burke, who used to be a head of Hamleys, John Longworth, top official of the British Chambers of Commerce, Michael Cutt, a former employee of Thomas Cook and Penny Coates, who used to be a top executive of Manchester Airport Group.
The newly appointed chief official, Richard Pennycook, is expected to start joining the board later this week. On the other hand, Ursula Lidbetter, the latest chair, will stay with the board together with the rest of the old members.
The Co-operative did not divulge any further information as to the schedule of the new chair will be announced to the board. It actually went through major changes after members cast their vote on proposals made by the former City minister Lord Myners.
On a separate note, the banking sector-which has introduced the latest advertising campaign-has new finance director of the board, John Baines.
Issues of the bank last year led the Co-op Group to the huge loss ever and consecutive fundraising events would define that the bank is now owned by majority of external investors which include hedge funds.
