Co-operative Group director Stuart Ramsay has been forced to leave the beleaguered mutual following a report into leaks to the media which contributed to former boss Euan Sutherland’s decision to leave.
Yesterday (April 29) the Co-op board met to discuss a report by investigator Kroll into how confidential information was leaked.
The Co-op, which offers a range of services including its supermarket business Co-operative Food, funeral services and pharmacies, said in a statement: “Following an independent report, and at the request of the board, Stuart Ramsay has left the board of the Co-operative Group with immediate effect.”
Ramsay is listed on the Co-operative Group’s website as a group director of Co-operative Specialist Businesses.
One of the leaks included included details of Sutherland’s potential pay package and he quit in March, admitting he found the company “ungovernable”.
Ramsay’s departure comes as Sir Christopher Kelly revealed the results of his review of the Co-op Bank. In it he says the Co-op Bank should never have merged with Britannia building society in 2009, blaming the deal for the bank’s near-collapse last year. The banking arm was hit by scandal last year when it emerged it had a £1.5bn hole in its books and its chairman Paul Flowers was caught buying illegal drugs.
The Co-op published its full-year results this month, revealing larger losses than expected at £2.5bn.
No comments yet