Morrisons’ Finance Director Departure
By Laura Elliott.
Morrisons’ Finance Director, Richard Pennycook, is set to leave the retailer after eight years service, which started when he was brought in to aid the company’s takeover of Safeway. It is expected that Mr. Pennycook will continue in his role for another year to aid the handover to his successor.
He is leaving to take on a number of non-executive chairman and director roles, although Mr. Pennycook is already a non-executive director at the Yorkshire-based housebuilder Persimmon.
“I’ll be head down doing the day to day job until next Spring. This was a difficult decision, but by the time I leave next year I will have been with Morrisons for over eight years,” he said. “Dalton and I talked about spending three years as a partnership. This feels like the right thing to do. I’m going to work my notice as the transition is important and we want to get it right.”
As reported by the Yorkshire Post, chairman of Morrisons, Sir Ian Gibson said that “Richard has done an outstanding job for Morrisons over the last seven years. 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. Richard will remain with Morrisons for another year which will ensure a seamless transition with his eventual successor.”
Mr. Philips also said that “Richard is an exceptional CFO who has made an enormous contribution to Morrisons. We have worked very closely together for more than two years and he is held in the highest regard by the company and all its stakeholders.”
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