Co-op Chief takes 60% pay cut because his job is easier

The CEO of the Co-Operative Group has volunteered to take a pay cut, claiming his job has become easier.

CEO Richard Pennycook released a statement detailing the pay cut, which will see his earnings drop to £750,000 from £1.25million.

Additional reductions to his pension and bonus will cut his total package by nearly 60%.

The Co-operative Group, which deals in sectors from supermarkets to funeral services, overcame a financial crisis two years ago when a £1.5billion funding "hole" was found at its banking operation, Reuters reports.