Newspaper article The Evening Standard (London, England)

Last Year Was Worst in Co-Op's History, Boss Admits

Newspaper article The Evening Standard (London, England)

Last Year Was Worst in Co-Op's History, Boss Admits

Article excerpt

Byline: Nick Goodway

LAST year was perhaps the worst in the 150-year history of the Cooperative Group, chief executive Euan Sutherland admitted today. His remarks came as Co-op launched a massive survey asking people how the business should be run in future including whether it should continue to make donations of up to PS1 million a year to Labour and individual politicians. Sutherland, who became chief executive last May, said: "In recent years The Co-operative has lost touch with its customers and members and with the communities in which it operates we haven't been listening." He admitted that full-year 2013 figures which will be released next month would be "pretty ugly". The online survey, which he hopes will generate thousands of responses, comes in the wake of massive losses at Co-op Bank which led to control being handed to hedge funds and the drug allegations against the bank's former chairman Paul Flowers. Results will be published with Sutherland's strategic review at the annual meeting in mid-May. …

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