The Hut Group appoints Richard Pennycook as chairman
Online retailer The Hut Group has appointed Richard Pennycook, the outgoing Morrisons group finance director, as its non-executive chairman as it eyes a flotation on the Stock Market.
Pennycook will take over as chairman on 1 April, succeeding Angus Monro who will remain a non-executive director of the group.
Due to stand down from his role at Morrisons at the end of June, Pennycook joined the Hut Group as an independent non-executive director last October. Whilst at Morrisons, Pennycook was responsible for the acquisition of the Kiddicare brand and the group’s investment in Fresh Direct in New York.
His previous roles include group finance director of RAC, HP Bulmer Holdings, Laura Ashley and JD Wetherspoon as well as chief executive of Welcome Break Holdings. He is currently senior independent director of house builder Persimmon.
Commenting on the appointment Monro said: “It has been an honour and a pleasure to lead the Board. This is an exceptional company with exceptional prospects.
“I am delighted that I am handing over the role of chairman to Richard, who has brought both energy and invaluable insight in his role as an independent non-executive director. His extensive public and private company retail experience is a considerable asset to the group.”
Pennycook added: “Angus has led the board with distinction during the past three years and I am looking forward greatly to continuing to work with him and the rest of the board in the role of chairman. I am excited by the prospect of leading the business through the next phase of significant growth.”
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