Former Kingfisher CEO Euan Sutherland, who was named chief operating officer last February, has announced he is leaving the home improvement giant from March 2013 to become CEO of The Co-operative Group.

The former B&Q chairman has been a non-executive director of The Co-op's food business since 2010. Kingfisher has confirmed Mr Sutherland will remain in his current role until March 2013 allowing an extensive handover of his responsibilities.
It is not yet known who his successor at Kingfisher will be. He replaces The Co-op's Peter Marks, who is retiring.

Mr Sutherland said: "The Co-operative is a great brand and I am very pleased to be given the opportunity to lead the organisation at this important time. The challenege is to build upon the success that has been achieved in recent years and the solid foundations that have been laid for its future growth."

Kingfisher's group chief executive Ian Cheshire said: "I would like to thank Euan for his contribution to Kingfisher over the last four and a half years. He has played an important part in the successful development of the group and I wish him well in his new role.

"A key element of our success in recent years has been bringing together our international teams and harnessing their talent to work on common goals. As a result, Kingfisher today has great strength and depth in its management and I will personally be involved in the transition as Euan's responsibilities are handed over. I look forward to working closely with our management teams as we continue with our 'Creating the Leader' strategy."

Mr Sutherland joined Kingfisher in 2008 as CEO of Kingfisher UK and Ireland. He joined the main Kingfisher board just two months ago in October 2012.

The Co-operative Group chairman Lee Wardle said: "I am delighted that Euan is to be The Co-operative Group's next group chief executive. He brings with him considerable experience of the strategic leadership needed in complex customer-facing businesses, across a variety of retail sectors, and we very much look forward to welcoming him and working together."