Why this is the start of the new look Co-op A wholesale change of management - with long-standing chief executive Peter Marks replaced by Kingfisher's Euan Sutherland - accompanied by a strengthening in the groups financial position means that the mutual is not quite as desperate to sell as it was. The revised recapitalisation plan for the Co-op Bank means the group only needs to inject less than 50pc of the £1bn it originally intended to. With greater financial flexibility - reflected in Standard & Poor's decision to upgrade the group's debt last week - Sutherland now has headroom to decide what the future holds for the group. This is the first indication as to what we can expect from his much anticipated strategic review - full details of which are expected as early as full-year results at the end of March. Insiders suggest that given the growth potential of the general insurance business, and Co-op's position in the market, Sutherland felt it was a key division to hold on to. The ex-Kingfisher chief operating officer has emphasised that he wants the Co-op to hold on to those businesses in which it has an edge, and general insurance is one of those. The informed way to look at this would be not to view it as a botched sales process, but rather the first step towards a new look, far more sustainable, Co-operative Group.