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| Co-op boss Euan Sutherland offers his resignation | Co-op boss Euan Sutherland offers his resignation |
| (35 minutes later) | |
| Co-op Group chief executive Euan Sutherland has offered his resignation, the BBC's Robert Peston has learned. | Co-op Group chief executive Euan Sutherland has offered his resignation, the BBC's Robert Peston has learned. |
| Mr Sutherland says in the letter he believes the group is "ungovernable" under its current structure. | |
| To persuade him to stay, the board has agreed to restructure so it can be managed in a more conventional way. | |
| However that reform has to be agreed by Co-op's members and their elected representatives | |
| Mr Sutherland's resignation offer comes after reports suggested the group was recommending he should get a package worth £3.66m for 2013. | |
| Mr Sutherland, who joined last May, said last month that 2013 had been "perhaps the worst year" in the Co-op's long history and it had "lost its way". | Mr Sutherland, who joined last May, said last month that 2013 had been "perhaps the worst year" in the Co-op's long history and it had "lost its way". |
| It followed a year of financial problems in its banking division and the scandal involving the division's former chairman Paul Flowers, who was arrested for alleged drugs offences. | |
| Mr Sutherland is thought to be "demoralised and fed-up," according to the BBC's business editor. | Mr Sutherland is thought to be "demoralised and fed-up," according to the BBC's business editor. |
| The resignation letter is broadly a "back-me-or-sack-me move" but he "still may well resign," the BBC understands. | The resignation letter is broadly a "back-me-or-sack-me move" but he "still may well resign," the BBC understands. |
| Meg Hillier, Labour and Co-operative MP for Hackney South and Shoreditch, told BBC Radio 4's Today programme she was "shocked" Mr Sutherland was offering his resignation. | |
| "He is running an organisation that is still run by its members, and he needs to be accountable to them. The Co-operative movement is a mutual movement where we make decisions together," she said. | |
| Co-op Bank was rescued last year under a deal with its bondholders after it emerged that it faced a £1.5bn black hole. | Co-op Bank was rescued last year under a deal with its bondholders after it emerged that it faced a £1.5bn black hole. |
| Later that year the company was hit by a fresh scandal when Mr Flowers was arrested in connection with a drugs supply investigation. He remains on police bail. | Later that year the company was hit by a fresh scandal when Mr Flowers was arrested in connection with a drugs supply investigation. He remains on police bail. |
| The Co-op last month launched a nationwide poll - open until 24 March - to ask people for their views on its future. | The Co-op last month launched a nationwide poll - open until 24 March - to ask people for their views on its future. |
| The results will be published at the group's annual meeting in May. | The results will be published at the group's annual meeting in May. |