The Co-op Group has announced that its chief executive will step down in May.

Steve Murrells has worked for the Co-op for 10 years and has held the role of chief executive for five years.

Shirine Khoury-Haq, group chief financial officer and chief executive of Co-op Life Services, will take over from Steve Murrells as its interim group CEO.

“It is important to put a clear CEO succession plan in place,” said Co-op chief executive Steve Murrells. “This is especially the case as we begin the process to appoint a new Chairman.

“In such circumstances I would either have needed to commit for another 5 years or step down now to allow a new CEO to become established and allow a smooth transition to occur, ahead of a new Chairman arriving. I have therefore chosen to take that step now.”

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