Co-op Group chairman Wardle to step down in May 2014


LONDON (Reuters) - The Co-operative Group's (CWSGR.UL) Chairman Len Wardle will step down from the board of the troubled mutual next May and has recommended he be replaced by a candidate independent of the Co-operative movement.

Britain's biggest customer-owned business has been plagued by problems at its banking arm and said on Monday it would cede control of the business to a group of bondholders including U.S. hedge funds.

Britain's financial regulator revealed a 1.5 billion pound capital shortfall at the Co-operative Bank (CPPB_p.L) in June.

(Reporting by Matt Scuffham, editing by Sinead Cruise)

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