LONDON – The man brought in to help fix Britain’s Co-operative Group has resigned from its board after five months, deepening the crisis at one of the country’s most venerable businesses.
Paul Myners, a former government Treasury minister, was hired in December as an independent director to oversee a review of governance at the Co-op’s indebted banking arm.
A Co-op source confirmed Thursday that Myners was leaving the board but would continue his review. He spoke on condition of anonymity because the company has yet to release a statement.
Co-op is Britain’s largest mutual society, active in everything from food to funerals.
But it developed a 1.5 billion-pound ($2.4 billion) financial black hole, and agreed last year to a contentious rescue plan giving hedge funds a huge share of its operations.