The Co-op is to recruit a smaller board of 11 directors with "high standards of competence" as part of radical governance reforms. The mutual will also establish a 100-member council to act as guardian of the group's values and to hold the board to account.
The changes are based on the four-point resolution proposed by Lord Myners and voted on by members at the special meeting in May.
Other changes include a move to one-member-one-vote on significant matters such as the election of directors and major transactions.
The Co-op, which last year racked up a £2.5 billion loss following the worst period in its 150-year history, said the reforms will be put to a vote at a special general meeting on 30th August.