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Figures improving

Co-op boss takes pay cut as turnaround continues

Cooperative branchCo-operative Group chief executive Richard Pennycook has volunteered for a 60% pay cut as the “right thing to do” while he turns the business around.

The food store, banking and funerals chain said today it has made progress across its business with a fall in profit fro £124 million to £23m largely down to a £121m one-off gain last year from selling parts of the group.

Sales in its 2,800 food stores grew 1.6%, to produce a £250m profit. The funeral homes produced a profit of £78m as sales rose by 9.9%.

Mr Pennycook will see his basic pay reduced sharply from its current £1.25m while the recovery continues.

 

 

The group was thrown into crisis three years ago by problems in its banking division and governance. Former City Minister, Lord Myners was drafted in to investigate the group and after issuing a damning verdict on how it was run he made a series of recommendations.

It turned a £2.3bn loss in 2013 into a £216m profit a year later.

 

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