Image: The Co-operative Group Image: The Co-operative Group

The boss of the Co-operative Group has asked for a huge pay cut because his job is now easier.

The Group's chief executive, Richard Pennycook, is currently paid a basic salary of £1.25 million. But with the company now "in calmer waters", he believes the job is easier and wants his pay reduced to £750,000.

Mr Pennycook replaced former chief executive Euan Sutherland in 2014, when Mr Sutherland resigned after just 10 months. It is understood that his salary package was £3m.

The new comes as the Co-operative Group reported a profit of £23m for 2015. That was down from £124m in 2014, but excluding one-off income it was just £3m. It gives further evidence of a recovery after a £1.5bn black hole was found in its finances in 2013.

Sales in its food stores were up 1.6%, resulting in a £250m profit. And its funeral business saw sales rise 9.9% to a profit of £78m.

Richard Pennycook told the BBC that his request for a pay cut was "by no means the main news", instead focusing on the "dedication" of his 70,000 for their part in the company's turnaround.