LONDON, UK: The Co-operative Group has announced that its Group CEO, Steve Murrells will step down following this year’s AGM in May.
At the same time the Board has chosen to appoint Shirine Khoury-Haq, Group CFO and CEO of Co-op Life Services as its Interim Group CEO.
Commenting, Co-op CEO Steve Murrells said; “It is important to put a clear CEO succession plan in place. This is especially the case as we begin the process to appoint a new Chairman. In such circumstances I would either have needed to commit for another 5 years or step down now to allow a new CEO to become established and allow a smooth transition to occur, ahead of a new Chairman arriving. I have therefore chosen to take that step now.”
“I have had 10 wonderful years at the Co-op and am very proud of all that we have achieved and how we’ve shown that a purpose-led organisation, focussed on a strong vision of fairness and values can make such a difference. Thanks to our amazing colleagues, we have been there for millions of members and customers when they have needed us the most.”
Allan Leighton Chair of Co-op said “Steve’s decision will ensure the transitioning of both Chair and CEO will take place seamlessly. Steve has done a tremendous job at the Co-op in his 10 years of tenure and has been at the forefront of our transition. He is a top class leader and person and his legacy in the Co-op is firmly embedded.”
“Shirine has excellent leadership skills and a deep level of operational experience, gained globally across a number of sectors. She understands our Co-op and I and the rest of The Board, look forward to working closely with her going forward.”
Shirine Khoury-Haq said; “I am proud to be part of a wonderful organisation that contributes so much to our communities and our country. We have lots to do and I am looking forward to working with my 60,000 colleagues, Allan and our Board to continue to make the Co-op a special place to work while providing great products and services to our customers and members.”
Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance, legal services and energy. Owned by millions of UK consumers, the Co-op operates over 2,500 food stores, over 800 funeral homes and provides products to over 5,100 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited.
Employing over 62,000 people, the Co-op has an annual turnover of £11.5 billion. As well as having clear financial and operational objectives, the Co-op is a recognised leader for its social goals and community-led programmes. The Co-op exists to meet members’ needs and stand up for the things they believe in.