Euan Sutherland

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Euan Sutherland
Euan Sutherland - Chief Executive, The Co-operative Group.jpg
Nationality British
Ethnicity White British
Occupation Businessman
Title CEO, SuperGroup plc
Term 2014
Predecessor Julian Dunkerton
Children 3
For the gay rights activist, see Sutherland v United Kingdom

Euan Sutherland is a Scottish businessman who, until 11 March 2014, was the Chief Executive of the Co-operative Group.

Career[edit]

After training in marketing with Coca Cola, he worked in marketing a retail management positions with Mars Confectionery, Matalan, Currys and Superdrug. He then joined Kingfisher plc, rising to the position of Chief Operating Officer.[1]

Co-operative Group[edit]

Touted as a replacement for Kingfisher CEO Ian Cheshire, he joined the Co-operative Group in April 2013, taking over from Peter Marks as chief executive.[2]

Due to inadequate capital levels in its banking group, Moody's downgraded the bank's credit rating by six notches to junk status (Ba3) and the bank's chief executive Barry Tootell resigned.[3] The difficulties stemmed largely from the commercial loans of the Britannia Building Society, acquired in the 2009 merger.[4]

Sutherland restructured, by intending to sell the life insurance business to Royal London releasing about £200m in capital, and planning to dispose of its other insurance business.[2] On 5 June Richard Pennycook, former finance director of Morrisons, was named Co-operative Group's finance director, and Richard Pym, former chief executive of the Alliance & Leicester bank, as chair of the Co-operative Banking Group and the Co-operative Bank.[5]

In March 2014 Sutherland resigned from The Co-operative because he said "I now feel that until the Group adopts professional and commercial governance it will be impossible to implement what my team and I believe are the necessary changes and reforms to renew the Group and give it a relevant and sustainable future" (Euan Sutherland resigns as Chief Executive- Co-op)He was replaced by Richard Pennycook (their former Chief Financial Officer) who became the group's interim Chief Executive.

Supergroup[edit]

On 22 October 2014, It was announced that Sutherland is now the CEO off Supergroup plc.[6]

Personal life[edit]

Sutherland is married with three sons.[1] His interest include Rugby Union and Formula One.[1]

References[edit]

  1. ^ a b c Nicola Harrison (19 December 2012). "Profile: New Co-op Group chief executive Euan Sutherland". Retail Week. Retrieved 18 November 2013. 
  2. ^ a b Anne-Sylvaine Chassany and Jennifer Thompson (2 June 2013). "Co-op weighs up banking arm rescue plan". Financial Times. Retrieved 4 June 2013. 
  3. ^ Rupert Neate and Jill Treanor (2013-05-10). "Co-operative Bank rushes to reassure customers after downgrade". The Guardian. 
  4. ^ Rebecca Clancy (5 June 2013). "Crisis-hit Co-op hires ex-Morrisons finance chief Richard Pennycook and banker Richard Pym for restructuring". Daily Telegraph. Retrieved 5 June 2013. 
  5. ^ Adam Jones (5 June 2013). "Co-op makes fresh changes at the top". Financial Times. Retrieved 5 June 2013. 
  6. ^ "Superdry founder replaced as CEO role by ex-Co-op boss". BBC News. 22 October 2014.