“It is against that backdrop that the Board decided to act with speed, and in the interest of the group and its people, by appointing a permanent group chief executive quickly and with immediate effect," Ms Lidbetter said.
"We have seen the first-class job that Richard has done over the last six months, in challenging circumstances, leading a strong executive team."
It came as the Co-op reported that operating profits had more than halved in the 26 weeks to July 5, falling from £105m to £43m.
The figure ignored one-offs such as impairment charges related to the loss of the group's banking arm last year. On an accounting basis, profits were £19m compared to a £1bn loss a year earlier.
The group has sold off its farms, pharmacy and Sunwin security businesses in recent months in an attempt to restore its finances.
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