Euan Sutherland

Euan Sutherland
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

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

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

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

Personal life

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

References

  1. ↑ 1.0 1.1 1.2 Nicola Harrison (19 December 2012). "Profile: New Co-op Group chief executive Euan Sutherland". Retail Week. Retrieved 18 November 2013.
  2. ↑ 2.0 2.1 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.