HOWDEN JOINERY GROUP has confirmed the appointment of former Morrisons CFO Richard Pennycook as non-executive chairman with effect from May 2016, when incumbent Will Samuel will step down at the company’s AGM.
Pennycook is currently CEO of the Co-operative Group, senior independent director and chairman of the audit committee of Persimmon and non-executive chairman of The Hut Group.
He has also held a non-executive directorship of Thomas Cook Group.
Pennycook was winner of the Lifetime Achievement Award at Financial Director‘s inaugural Business Finance Awards in 2013 and is widely regarded as a turnaround specialist.
His move to the Co-op move came as a surprise after he indicated he would pursue a portfolio career upon leaving Morrisons. During eight years at the supermarket, he achieved the seemingly impossible in winning back the City’s faith in the group following its failed acquisition of Safeway.