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Co-operative Group appoints Richard Pennycock as group finance director

The Co-operative Group has strengthened its management team with the appointment of former Morrisons executive Richard Pennycook as group finance director.

GENERAL MERCHANDISE

Co-operative Group appoints Richard Pennycock as group finance director

Pennycook spent nearly eight years at Morrisons where he was responsible for group finance, IT, strategy and multi-channel development. Prior to that, he held group finance director positions at the RAC and JD Wetherspoon. He will take up his new role on 1 July 2013, initially on an interim basis.

Euan Sutherland, group chief executive of The Co-operative Group, said: "Richard Pennycook has proven long-term experience working at the top of some of Britain's leading companies and will make a valuable addition to our organisation."

The group has also announced the appointment of Richard Pym, the former group chief executive of Alliance & Leicester, as chair of The Co-operative Banking Group and The Co-operative Bank. Joining the bank with immediate effect, Pym succeeds Paul Flowers who has been chair of The Co-operative Banking Group and The Co-operative Bank for three years and is stepping down from both roles and leaving both Boards.

Len Wardle, chair of The Co-operative Group, said: "The Board is delighted to welcome both Richard Pennycook and Richard Pym to The Co-operative Group. They bring significant and valuable experience and will be great assets as we reposition our Bank and take the wider Group to the next phase of its development. 

"Together with Euan Sutherland, group chief executive and Niall Booker, our new Bank Chief Executive, we now have a formidable top team with exceptionalfinancial, strategic and operational expertise across retail andfinancial services. I would like to thank Paul Flowers for his three years' service as Chair."

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