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| Co-op Group appoints Allan Leighton as chairman | Co-op Group appoints Allan Leighton as chairman |
| (about 1 hour later) | |
| The Co-operative Group has appointed former Asda boss Allan Leighton as its new chairman. | The Co-operative Group has appointed former Asda boss Allan Leighton as its new chairman. |
| Mr Leighton is the group's first independent non-executive chair under its new management structure. | Mr Leighton is the group's first independent non-executive chair under its new management structure. |
| He is currently chief executive of High Street jewellery retailer Pandora, but will step down on 1 March. | He is currently chief executive of High Street jewellery retailer Pandora, but will step down on 1 March. |
| Mr Leighton served as Asda's chief executive from 1996 to 2000 before joining Royal Mail as non-executive chairman. | Mr Leighton served as Asda's chief executive from 1996 to 2000 before joining Royal Mail as non-executive chairman. |
| The introduction of independent board members is part of sweeping changes to the Co-op's organisational structure. | |
| In November last year, Sir Christopher Kelly became the first independent board member to be appointed. | |
| The changes were brought in following a review by Lord Myners in which he called the group "manifestly dysfunctional" and recommended a major shake-up. | |
| The review came after the group reported a £2.5bn loss in 2013 and its banking arm almost collapsed. | |
| The group's board must now comprise a majority of independent directors - including an independent chairman and five independent non-executive directors. | |
| However, the Co-op's board will include three positions for member-nominated directors, contrary to Lord Myners' recommendations. | |
| The Co-op Group plans to appoint four more independent non-executive directors before its annual general meeting in May. | |
| Mr Leighton has said that he knows Co-op's business well as his father ran a local branch. | Mr Leighton has said that he knows Co-op's business well as his father ran a local branch. |
| He takes over from Ursula Lidbetter who has chaired the Co-op since November 2013. | He takes over from Ursula Lidbetter who has chaired the Co-op since November 2013. |