CO-OPERATIVE Group Chief Executive Martin Beaumont has announced that he will be retiring in October 2007 after five years in the role.
The leader of the UK's largest co-operative retailer said that after a sustained period of restructuring and modernisation, the £ 8bn turnover society is now in good shape for the future.
The Group recently announced a 32 per cent rise in first half profits to £ 157.4m. It also heralded the return of its profit sharing scheme for members; announced a rebranding programme for its estate of over 3,000 retail outlets and launched new businesses in consumer legal services and green energy.
"I believe we now have a strong platform for the next phase of the Co-operative Group's development," said Mr Beaumont, who will be 58 when he steps down next year.
"Whilst we have had to take some difficult decisions to get to where we are today, it has been a privilege and immensely rewarding to have led the Group through a profound period of change. I look forward to building on our progress over the next 12 months before handing over the baton."
*Further coverage in the next edition of the Co-op News – available from Tuesday October 31st.