Co-op boss insists that group is 'rebuilding movement'
Co-operative boss Richard Pennycook has admitted the group "let the co-operative movement down in a fairly significant way".
After two years of crisis involving a near-collapse and a Methodist minister caught up in a drugs scandal, chief executive Mr Pennycook said its troubles were shocking and disappointing.
Looking to the future, he told the BBC he believed the movement's founders would be happy at the steps being taken to rebuild its reputation.
"Over the last two years there's been a very significant crisis that we had to work our way through. And I think in terms of any reflection of that recent past, everyone found that shocking and disappointing," he told BBC Radio 5 Live.
"We let the co-operative movement down in a fairly significant way. After 150 proud years where the Co-op had a reputation for doing the right thing."
He added: "We look forward to rebuilding the movement I think the Rochdale Pioneers would be excited by the potential that we have to do that."