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View the article online at http://citywire.co.uk/wealth-manager/article/a739941

Co-op crisis: board fails to convince chief Sutherland to stay

by Dylan Lobo on Mar 11, 2014 at 14:10

'The group must reduce its significant debt and drive major efficiencies and growth in all of its businesses, but to do so also urgently needs fundamental governance reform and a revitalised membership,' he said. 

Sutherland also said he would not accept any of the performance rewards within his contract.

'I will not accept the retention payments and long term incentive payments previously agreed for the delivery and protection of value in the group and the bank, even though this was successfully delivered,' he said.   

Lidbetter said Sutherland's resignation should act as the trigger for important changes.

'Euan's resignation must now act as a catalyst for the real and necessary change which the group must go through. I would like to thank Euan for his hard work and leadership and to wish him the very best for the future,' Lidbetter said.

'I also like to thank Richard for stepping up to lead the organisation at this critical juncture. We will start the process to appoint a permanent successor and urgently to reform our governance.'

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