UK: Co-op CEO: "Back me or sack me"
Co-op CEO "offers resignation"
Euan Sutherland, the chief executive of The Co-operative Group, has reportedly offered his resignation in a "back me or sack me" move in response to a high-profile debate about his 2014 pay agreement.
According to reports, Sutherland has written a letter of resignation to the Co-op's board after accusing an unnamed board member of leaking information on his GBP3.6m (US$5.98m) pay deal yesterday (10 March). Sutherland will reportedly receive a base salary of GBP1.5m this year, plus a GBP1.5m retention payment, pension contributions and a contribution for buying him out of his previous contract with DIY retailer Kingfisher.
The pay deal has attracted criticism, not least because the Co-op is expected to report massive losses of GBP2bn later this month, linked to the collapse of its banking arm.
"We seem to have an individual, or individuals, determined to undermine me personally, my team and the rest of the group board regardless of the uncertainty and disruption this causes to our 90,000 colleagues and our supportive members," Sutherland retorted on the Co-op's workers' Facebook page.
According to the BBC, Co-op board members are attempting to dissuade Sutherland from leaving the mutual retailer. He took up the post of chief executive last May.
A spokesperson for the company was unable to either confirm or deny the reports at time of press.
Four in five suppliers to the UK grocery industry have reported "issues" in their dealings with the country's major food retailers, as categorised by the Groceries Supply Code of Practice, a YouGov su...
MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organi...
A fully-automated milk processing plant set to start operations next month will double Gujarat-based Rajkot Dairy's capacity to 600,000 litres managing director Ashish Sinha has told just-food. ...
Co-operative Group Limited - Strategic SWOT Analysis Review provides a comprehensive insight into the company’s history, corporate strategy, business structure and operations. The report contains a de...
The Co-operative Group Ltd is expected to consolidate its retailing division during the forecast period through the development of new outlet formats across all of its UK outlets. Following falling sa...
Fonterra is ranked in the top 21 among dairy players. However, this is due for the most part to its strong presence in Australasia. The company is looking to diversify, investing in a China-based dair...
Fonterra is ranked in the top 20 among dairy players. However, this is due for the most part to its strong presence in Australasia. The company is looking to diversify, investing in a China-based dair...
- BRICs and beyond: Fonterra, Beingmate partnership
- On the money: Mengniu hones in on "star" brands
- just-food interview: Agropur CEO Robert Coallier
- Comment: Competition to rise on whey investments
- Consuming issues: The hunger-obesity paradox
- Valio lactose-free trucks stopped at Russia border
- UK firm Pasta Reale enters administration
- H1 profits down at dairy group FrieslandCampina
- Valio targets China with EUR70m whey inve
- Fonterra, Beingmate launch infant formula JV