The board of The Co-operative Group has announced that Peter Marks, the group chief executive, intends to retire in May 2013, after six years in his current role and 45 years working within the wider Co-operative movement.
Marks became chief executive of The Co-operative Group in 2007 after the merger of the group with United Co-operatives, which he had previously led. Under his leadership and that of the wider management team, The Co-operative Group has been “transformed operationally and strategically, while maintaining its unique focus on trust as an ethically-driven and member-owned business”.
Marks will retire at The Co-operative Group’s annual general meeting on 18 May 2013. The board will now start the formal process for recruiting a successor, which will involve the consideration of both internal and external candidates. At the same time, Marks will step down as a director from all the group subsidiaries, including the boards of Co-operative Banking Group Limited and The Co-operative Bank Plc.
Len Wardle, chairman of The Co-operative Group, said: “Peter has done a truly outstanding job for The Co-operative Group. He was the architect of the current strategy to ensure that we developed real scale in our key businesses. Peter has led a strong management team which has ensured that those businesses are now stronger and better able to deliver for our millions of customers.”
Marks said: “I am extremely proud of what has been achieved at The Co-operative Group over the past five years. We have transformed this business while staying true to our roots as a mutual, ensuring that we now offer value with values to millions more customers than ever before. Our ownership model means that the top management team has been able to take strategic decisions for the long term, in the interests of our members and customers and I am confident we have laid the foundations for the on-going success of the group.
“I have a great team around me; one that has been strengthened over the past year as the group has continued to attract top talent across its businesses. Given all we have achieved, it now feels like the right time for me to stand down. I know this business will continue to flourish for years to come because of our determination to put the customer at the centre of everything we do and because I leave the group in very safe hands.”
Source: The Co-op