Laura Ashley cut-backs spread to FD[QQ] Laura Ashley has announced the departure of FD Richard Pennycook. Pennycook, who received a salary of £160,000 a year, will depart with around £40,000 in compensation. His move sees the finance function at the company decentralised with his two deputies taking over his responsibilities. The company also plans to shed 20% of its head office staff in an attempt to save £3m a year, although £2.5m will be spent on implementing the redundancies. Supermarket giant Asda has announced the retirement of FD Phil Cox, 48, who leaves in the autumn. Cox, who earned £380,000 last year, will be replaced by Tony DeNunzio, the business development director at the company. Cox will leave with a tidy £500,000 in share option profits. Regus, an operator of serviced business centres, has appointed Peter Jenkins to the position of group finance director. Jenkins, who joins the board, was previously group financial controller with Harrisons & Crosfields. Hugh Collum, FD at SmithKline Beecham, has taken up the role of non-executive chairman at drug development company Chiroscience. Allied Domecq has appointed a new FD to run its spirits and wine subsidiary. Tony Hetherington moves from the role of senior vice president-finance director for the spirits and wine sector in the Americas. Premiership new boys Nottingham Forest have lost FD Duncan Reid after only a year. Reid moves into the music and entertainment business. His chances of seeing top flight football this season have not diminished, however – Forest boss Phil Soar has offered him a seat in the directors’ box at any home game this season. The departure of Jonathan Fellows has left chocolate makers Thornton looking for a new FD. Fellows moves to womenswear chain Bon Marche which is rumoured to be about to float. Appointment announcements can be faxed to Martin Coyle on (0171) 316 9250.
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