Richard Pennycook to step down as Howdens chair
Howdens has announced that retail veteran Richard Pennycook is to retire from its board in September.
After joining the board in 2013, he was appointed as chairman in May 2016. Howdens said his retirement aligns with its board succession plan and the UK Corporate Governance Code requirement for a chair to step down after nine years on the board.
A process is already underway for the nomination committee, led by the senior independent non-executive director Geoff Drabble, to identify Pennycook’s successor.
Drabble said: “I would like to take this opportunity to thank Richard for his significant contribution during his time at Howdens. He has been a first-class chairman and has been instrumental in the rapid growth and development of the business over the past eight years. We wish him well for the future when he steps down in September.”
Pennycook is a former group chief executive of The Co-operative Group and also previously held finance director roles at retailers Morrisons and Laura Ashley. His other past retail roles include being non-executive chairman of Fenwick and The Hut Group, and a non-executive director of Richer Sounds.
Pennycook added: “It has been a privilege to serve this very fine company. It is a unique, dynamic, customer focused business which owes its success to the dedication of its people and represents everything that British business should be. I will be stepping down from a business in great shape, with a successful strategy and a sound platform on which to generate sustainable growth in the future.”
