The board of The Co-operative Group has announced that its chief executive Peter Marks is to step down and retire from his role in May 2013, after six years at the helm.
During his time as CEO, the company has, among other things, increased its presence in the food retail sector, consolidating its position as the fifth-largest player with the acquisition of Somerfield.
According to the board, it will now start the formal process for recruiting a successor, which will involve the consideration of both internal and external candidates.
"Peter has done a truly outstanding job for The Co-operative Group," said chairman Len Wardle. "He was the architect of the current strategy to ensure that we developed real scale in our key businesses. Peter has led a strong management team which has ensured that those businesses are now stronger and better able to deliver for our millions of customers. As a result, The Co-operative Group is better placed than ever before to do what it does best - offering a real alternative on the high street with a unique focus on ethical business under a brand which, more than any other, stands for trust.
"Peter will retire next year with our thanks and good wishes for the future," he continued. "He will remain with the Group until our AGM next year, which will ensure an orderly transition to his eventual successor."
Marks added that he was proud of the development of the group over the past five years, noting that the company now offers value to millions more customers than ever before.
"Given all we have achieved, it now feels like the right time for me to stand down," he explained. "I know this business will continue to flourish for years to come because of our determination to put the customer at the centre of everything we do and because I leave the Group in very safe hands."
