Co-operative Group Posts H1 Profit, Appoints Richard Pennycook As CEO

The Co-operative Group reported a profit in the first half of the year. The group also named Richard Pennycook as its new chief executive. It posted a net profit of GBP12 million ($20.0 million) in the six months, versus a year-ago loss of GBP767 million. Its underlying profit declined 43% to £66 million. Its revenue fell to GBP4.73 billion from GBP4.9 billion.