THE LONG-STANDING group finance director of Wm Morrison Supermarkets is to step down from the board and leave the company at the end of June 2013.
Richard Pennycook, who joined Morrisons in October 2005, is to leave the company to concentrate on building a portfolio career. In the meantime, he will retain his responsibilities for finance, IT, online and strategy.
Pennycook established himself as a turnaround specialist par excellence as he delivered the seemingly impossible by restoring the City’s faith in Morrisons after its botched Safeway acquisition.
“He was the architect of the Company’s Optimisation Plans and has played an increasing strategic role in the last few years as Morrisons has completed its transformation into a nationwide retailer,” said Sir Ian Gibson, chairman of Morrisons.
The nomination committee will shortly commence a process for the selection of an appropriate candidate as successor.
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