Co-op appoints first female boss in 159-year history
Shirine Khoury-Haq replaces Steve Murrells at the helm of the retail and funeral business.
The Co-op has appointed the group’s first female chief executive since it was founded in 1863, the company announced.
Shirine Khoury-Haq will replace current boss Steve Murrells, who will step down after ten years with the group at the company’s annual meeting in May.
Ms Khoury-Haq is currently boss of Co-op’s Life Services division, which sells insurance policies, and the group’s finance chief.
The new boss is expected to see her salary increase in line with Mr Murrells’, who took home £2.2 million in 2020. Ms Khoury-Haq was paid £1.1 million in salary and bonuses in 2020.
She said: “I am proud to be part of a wonderful organisation that contributes so much to our communities and our country.
“We have lots to do and I am looking forward to working with my 60,000 colleagues, (chairman) Allan (Leighton) and our board to continue to make the Co-op a special place to work while providing great products and services to our customers and members.”
He said: “It is important to put a clear CEO succession plan in place.
“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 five 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.”
Chairman Mr Leighton, who also sits on the board of BrewDog, will have been at Co-op for nine years by 2024 and is expected to stand down by then.
Mr Leighton said: “Steve’s decision will ensure the transitioning of both chair and CEO will take place seamlessly.
“Steve has done a tremendous job at the Co-op in his ten years of tenure and has been at the forefront of our transition.
“He is a top class leader and person and his legacy in the Co-op is firmly embedded.
“Shirine has excellent leadership skills and a deep level of operational experience, gained globally across a number of sectors.
“She understands our Co-op and I and the rest of the board look forward to working closely with her going forward.”
The new boss prior to joining Co-op was the chief operating officer of the Lloyds of London insurance market and currently sits as a non-executive at housebuilder Persimmon.
