The chief executive of beleaguered Co-operative Group has offered his resignation after details of his £3.7m pay packet emerged.
Euan Sutherland joined the organisation last summer but has faced turmoil at the group's banking arm Co-op Bank which is expected to announce heavily losses later this month.
The Telegraph said Sutherland offered group chair Ursula Lidbetter his resignation on Monday morning, describing the group as ‘ungovernable'. The newspaper said an emergency board meeting had taken place on Monday evening to discuss the situation.
Yesterday Sutherland was criticised for taking home almost £3.7m in pay. Figures leaked to the press showed Sutherland would receive a base salary of £1.5m and a retention bonus of £1.5m for the next two years, regardless of performance.
With contributions to his pension and other perks he would receive £3.66m per year from the mutual organisation.
At least seven other executives were also in line for payouts of more than £1m. Plans have been floated to dispose of the Co-op Group's pharmacy and farm businesses to help stem losses elsewhere in the organisation.
