co-op chief resigns

[specialsubject]

happily they have accepted his letter. And he won't get all the huge payments he was going to be given for being in charge of all the problems.

down here at the coalface, those of us who cock up get fired, not bonuses. Finally it happens at top management too.

And I have heard through the grapevine that other slightly lesser management fell on their swords last week. A big fat hmmm because the co operative movement is a magnificent thing. All turning to rubble in front of our eyes. #sadface

What will happen to coop? We bank with them.

I am sure that the bank is safe, there are government safeguards regarding banks

I would think that the co op will have to slim down it's auxiliary interests such as pharmacy, travel agencies, car sales (gone already maybe?) and focus on the farming/stores

Any hints about identities of slightly lesser management, Forgettable?

Co-op Motors was sold a couple of years ago. As was Travel, in a deal with Thomas Cook that allowed them to keep the branding but they are no longer linked to or run by the Co-op Group.

Apparently staff at head office are gutted he's going and couldn't care less about his pay, they just saw things changing for the better under his leadership.

I would imagine for staff at head office it's just one more shitstorm to deal with. They were pretty much at rock bottom 6 months ago, I doubt that it was getting much better with the axe swinging yet again.

The Today programme on R4 this morning said he had form for this and the board has probably called his bluff.

I am sure that the bank is safe, there are government safeguards regarding banks

You're right of course, but then that's how they get away with it ... as with RBS, no matter how bad the management, they know they'll always be bailed out