Following revised demands to his current job, Co-operative Group Chief Executive Richard Pennycook has asked for a 40% cut to his base salary, taking it from £1,250,000 to £750,000.

Mr Pennycook was former finance director of the group, but took over as chief executive in 2014 when former boss Euan Sutherland resigned after 10 months. Mr. Sutherland’s total pay package - including salary and bonuses - was reported to be £3 million despite Co-op Group reporting £2.3 billion in losses in 2013.

The Co-op is undergoing a three-year plan to steady the business after deep problems emerged in 2013 with its bank, when a £1.5 billion hole in finances was discovered. The bank was rescued by a group of investors and the Co-op Group now owns a 20% stake in the bank. Following a review of the business by Lord Myners, the number of board members was cut drastically.

Co-op Bank recently reported its financial results for 2015, which include a decrease in profit from £124 million in 2014 to £23 million. This figure however was boosted by £121 million gained by selling parts of the business. Sales in its 2,800 food stores grew 1.6%, to give a £250 million profit. Funeral business sales rose 9.9%.