Co-op CEO to step down as the group swings to a loss in 2025
The Co-op has confirmed that Shirine Khoury-Haq has decided to step down after four years as group chief executive.
The news comes as the group reported that it had swung to a loss in the the 12 months to 3 January after the impact last year’s cyber attack.
Subscribe to TRBShe will be succeeded on 30 March by Kate Allum who has been appointed to the role on an interim basis while a search is undertaken for a permanent replacement. Khoury-Haq’s departure date will be decided “in due course”.
In a statement, Co-op said Khoury-Haq had led the business through significant transformation, including a 95% reduction in debt and a 30% increase in profit between 2022 and 2024.
However, the group said its new multi-year strategy and growth plans required long-term leadership exceeding the tenure that she had intended to serve at Co-op.
Khoury-Haq, said: “It has been an honour to lead our Co-op as CEO. It is not only a commercial enterprise, but also deeply embedded in communities, doing right by them and our members every day.
“Following last year’s cyber attack, the organisation is now ready to deliver on an ambitious strategy of stabilisation and transformation.
“This extends beyond the timeframe I had planned for my CEO tenure, and now is the right moment to hand over to leadership that can commit to seeing the strategy through.”
Debbie White, Co-op group chair, said: “We thank Shirine for her leadership and for the significant contribution she has made to our Co-op, to our communities and to the co-operative movement during her tenure.
“The board is grateful for her commitment and leadership, particularly during a challenging few years, and we wish her every success in the future.”
Today Co-op confirmed it swung to an underlying pre-tax loss of £125 million in 2025 as revenue declined 2.3% year-on-year. The loss compared to a profit of £45 million in the prior year.
The group said this reflected the estimated direct impact of its cyber attack, lost trading momentum as the business focused on recovery, a contracting convenience market and changing consumer behaviour.
Looking ahead, White said: “2025 was a challenging year, but those challenges have helped us reshape Co-op for the future. Despite a cyber attack and tough market conditions, our colleagues have shown incredible resilience, keeping communities served and essential services running.
“To get back on track, we have adjusted our commercial strategy and strengthened our partner offer while substantially growing active membership. Now, we’re looking ahead with a strong focus on customers, while continuing to prioritise the people who own our business, targeting ten million active members by 2030.”
