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Co-Op Chief Exec Quits

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Robert Peston has the inside track.

I have spoken to Euan Sutherland about why he quit as chief executive of the Co-operative Group.

And he insisted that his resignation had been long considered, even though he had only been in the job for just over ten months.

What tipped him over the edge was the disclosure to the Observer newspaper of his £3m-per-year pay package

The Co-op has plenty of problems, as previously reported, not least that its 'ethical' policy is little more than a fig-leaf to conceal practice as sharp as any other bank. Sutherland talks the talk but he had no ideas to fix the organisation, his only plan was to make himself rich and the board saw through it.

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And he insisted that his resignation had been long considered, even though he had only been in the job for just over ten months.

Yeah, since before he even started the job.

Will be interesting to see where he pops up next. I'm sure he already has something lined up.

Edited by Eddie_George

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How do you go about getting one of these £3M a year jobs ?

You've forgotten the 'massive' downsides. Of the 250K a month salary the moneysavingexpert tax calculator says you pay 111K income tax and eventually you are only left with a 133K a month take home. I bet you have 2nd thoughts now... though I'm sure there will be a decent bonus or share option to make up for some of this loss...

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You've forgotten the 'massive' downsides. Of the 250K a month salary the moneysavingexpert tax calculator says you pay 111K income tax and eventually you are only left with a 133K a month take home. I bet you have 2nd thoughts now... though I'm sure there will be a decent bonus or share option to make up for some of this loss...

I'm sure I could scrape by somehow.

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You start by getting the right parents and getting them to send you to the right school to meet the right chums and make the right connections.

Not usually the with retail executives. Most of them start on the shop floor. Terry Leahy as a good example.

Sutherland did go to a public school however. But the myth about meeting chums and connections there is such a tedious myth. It gives a veneer of polish at best. I never meet anyone from my school. I do work with this guy who went to the same school as me, but six years older. Another who was a decade younger. Big deal.

My friends are mostly successful but I have yet to come across anyone I knew directly in a work context, even those in the same field.

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You've forgotten the 'massive' downsides. Of the 250K a month salary the moneysavingexpert tax calculator says you pay 111K income tax and eventually you are only left with a 133K a month take home. I bet you have 2nd thoughts now... though I'm sure there will be a decent bonus or share option to make up for some of this loss...

You're right, I don't know how anyone could pit up with paying so much tax.

Much better to stay home, *****ing yourself to an early grave.

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Same is true in your local Conservative Association as you would know. B)

I seem to have forgotten joining my local Conservative Association.

Still I'm sure you've a better idea who I am than I do.

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Myners report out. Does not look good for the group.

Got some savings with Co-op bank, so I keep an eye on things. That new Manchester HQ building... 1 Angel... totally winds me up though... although they offloaded it to a buyer at a good price, in exchange for them signing up for a 25 year lease (I think.. IIRC).

Co-op will go bust without immediate and radical reform – Lord Myners

Damning report by former City minister and director says Co-operative Group risks being unable to continue in business

March 2014 12.21 GMT

http://www.theguardi...d-myners-report

Edited by Venger

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Got some savings with Co-op bank, so I keep an eye on things. That new Manchester HQ building... 1 Angel... totally winds me up though... although they offloaded it to a buyer at a good price, in exchange for them signing up for a 25 year lease (I think.. IIRC).

I think the coop is a good demonstration that the choice is between capitalism and cronyism.

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