(Alliance News) - The Co-op has appointed the group's first female chief executive since it was founded in 1863, the company announced on Friday.
Shirine Khoury-Haq will replace current boss Steve Murrells, who will step down after ten years with the group at the company's annual meeting in May.
Khoury-Haq is currently boss of Co-op's Life Services division, which sells insurance policies, and the group's finance chief.
The new boss is expected to see her salary increase in line with Murrells', who took home GBP2.2 million in 2020. Khoury-Haq was paid GBP1.1 million in salary and bonuses in 2020.
She said: "I am proud to be part of a wonderful organisation that contributes so much to our communities and our country."
Outgoing boss Murrells said he was leaving now because if he was to stay he would need to commit to at least five more years with the business.
He said: "It is important to put a clear CEO succession plan in place.
"This is especially the case as we begin the process to appoint a new chairman.
"In such circumstances I would either have needed to commit for another five years or step down now to allow a new CEO to become established and allow a smooth transition to occur, ahead of a new chairman arriving.
"I have therefore chosen to take that step now."
Chair Allan Leighton, who also sits on the board of BrewDog, will have been at Co-op for nine years by 2024 and is expected to stand down by then.
Corporate governance rules say non-executives should remain on boards for no longer than nine years.
Leighton said: "Steve's decision will ensure the transitioning of both chair and CEO will take place seamlessly."
The new boss prior to joining Co-op was the chief operating officer of the Lloyds of London insurance market and currently sits as a non-executive at housebuilder Persimmon PLC.
source: PA
Copyright 2022 Alliance News Limited. All Rights Reserved.
Persimmon (PSN)