Former Co-op CEO Receives Nearly £2m in Compensation Before Abrupt Departure
The former Chief Executive of the Co-op, Shirine Khoury-Haq, collected a total annual pay package of £1.9m in 2025, just before her sudden departure from the company. This compensation included a £165,000 “rewarding growth” bonus, which was approved by the mutual’s board. The payment comes as a surprise, given the difficult year the retailer experienced, marked by a damaging cyber-attack that pushed the company into the red.
The cyber-attack, which occurred in 2025, had a significant impact on the Co-op’s financial performance, resulting in an underlying loss of £125m. Despite this, Khoury-Haq’s bonus was still approved, sparking questions about the company’s compensation policies. It is worth noting that other managers, including Khoury-Haq, did not receive their annual bonuses due to the company’s poor performance.
The Co-op’s decision to award Khoury-Haq a substantial pay package, despite the company’s struggles, may raise concerns among stakeholders. The “rewarding growth” bonus, in particular, seems at odds with the company’s declining sales and significant financial losses. The mutual’s board will likely face scrutiny over its decision to approve such a payment.
Khoury-Haq’s departure from the Co-op was announced last month, with the company citing a need for change in leadership. The exact circumstances surrounding her departure are not entirely clear, but it is evident that the company is looking to move forward and recover from a difficult year. The Co-op will need to reassure its stakeholders that it is taking steps to address its financial challenges and prevent similar incidents in the future.
The Co-op’s experience serves as a reminder of the potential risks and consequences of cyber-attacks on businesses. The company’s struggles in 2025 highlight the importance of robust cybersecurity measures and effective crisis management strategies. As the Co-op looks to rebuild and recover, it will be important for the company to prioritize transparency and accountability in its decision-making processes.
The payment of nearly £2m to Khoury-Haq has sparked interest in the company’s compensation policies and governance structure. The Co-op’s mutual model is designed to prioritize the interests of its members and stakeholders, and the company will need to demonstrate that its decision-making processes align with these values. As the company moves forward, it will be important for the Co-op to strike a balance between rewarding its executives and prioritizing the interests of its stakeholders.
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