Co-op chair Allan Leighton set to step down

Co-op chair Allan Leighton is set to step down from his role due to corporate governance rules.

In February 2024 Leighton will have been chair of the group for nine years meaning he must step down.

According to the Telegraph, Co-op has hired City headhunting firm Odgers Berndtson to find a replacement for Leighton and his deputy Sir Christopher Kelly.

The list reportedly comprises five or six candidates for the role but it is believed a final decision on the appointment is unlikely to be made before Co-op announces its annual results this week.

This succession process comes as Co-op launches a huge cost-cutting programme as a result of big debts.

The company has £300m of bonds due to be repaid in just over a year’s time.

The group cut 400 jobs at its head office last July as part of to restructure its finances and hopes to make £150m of savings in 2023.

Furthermore, Co-op sold its estate of 129 petrol stations to Asda last autumn in a deal worth £600m and some of that money was used to repay £100m of bonds in February.