By Natalie Mortimer

Co-operative Group has announced an interim CEO to replace Euan Sutherland, who has resigned the post, citing a lack of “professional and commercial governance” for his departure.

The news of his resignation first emerged earlier today when it the BBC reported that Sutherland, who joined the group last May, had penned a resignation letter calling the Co-op “ungovernable”,. Finance director Richard Pennycook has been named as interim CEO.

Despite reports that the management board had called an emergency meeting to keep Sutherland on-board, the Co-op later confirmed his resignation.

In a statement Sutherland said: “It is with great sadness that Read full story ›

Source: The Drum