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The Co-operative's group chief executive Peter Marks to retire after 45 years with company

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By The Drum Team, Editorial

August 7, 2012 | 3 min read

Peter Marks, group chief executive of The Co-operative Group has announced his intention to retire from the company next year, after 45 years with the company.

Having overseen the management of the Group for the last six years, Marks intends to retire next May, which has included a transformation of the member-owned business operationally and strategically.

This has included an increase of the company’s presence in the food retail market, including the acquisition of Somerfield, and the recent acquisition of the Lloyds Banking Group Verde business and merging with Britannia to grow the banking brand.

The creation of the joint venture agreed with Thomas Cook will also see the Co-operative strengthen its presence within the travel sector on the high street.

Len Wardle, Chairman of The Co-operative Group, said: "Peter has done a truly outstanding job for The Co-operative Group. He was the architect of the current strategy to ensure that we developed real scale in our key businesses. Peter has led a strong management team which has ensured that those businesses are now stronger and better able to deliver for our millions of customers. As a result, The Co-operative Group is better placed than ever before to do what it does best - offering a real alternative on the high street with a unique focus on ethical business under a brand which, more than any other, stands for trust. Peter will retire next year with our thanks and good wishes for the future. He will remain with the Group until our AGM next year, which will ensure an orderly transition to his eventual successor."

Marks added: "I am extremely proud of what has been achieved at The Co-operative Group over the past five years. We have transformed this business while staying true to our roots as a mutual, ensuring that we now offer value with values to millions more customers than ever before. Our ownership model means that the top management team has been able to take strategic decisions for the long term, in the interests of our members and customers and I am confident we have laid the foundations for the on-going success of the Group.

"I have a great team around me; one that has been strengthened over the past year as the Group has continued to attract top talent across its businesses. Given all we have achieved, it now feels like the right time for me to stand down. I know this business will continue to flourish for years to come because of our determination to put the customer at the centre of everything we do and because I leave the Group in very safe hands."

The Co-operative The Co-operative Bank

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