co-op3-630x472The Co-operative Group this morning released details of the seven directors who will take over the running of the troubled organisation.

The Transitional Board, which reduces the previous Board of Directors, start work with immediate effect. They are:

Two further directors are expected to be appointed to the Transitional Board – Richard Pennycook, the Group’s Chief Executive Officer, and one Independent Professional Non-Executive Director (“IPNED”) selected from one of the business Boards.

Pennycook is expected to be appointed to the Transitional Board with effect from 15th October 2014. The “IPNED” is also expected to be appointed on 15th October, subject to regulatory approval.

The new set up replaces the previous 15 elected lay representatives from its regional boards and five drawn from its independent societies. Reforms announced back in May after the review by Lord Myners said the new board would comprise an independent chair and six or seven non-executives plus two executives, all drawn from professional backgrounds.

The Transitional Board will remain in place until the earlier of either the new Board members being recruited or the Group’s Annual General Meeting in 2015.