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Richard Pennycock to leave Morrisons

Richard Pennycook is to step down from his role as group finance director at Morrisons.

GENERAL MERCHANDISE

Richard Pennycock to leave Morrisons

Richard Pennycook is to step down from his role as group finance director at Morrisons.

Pennycook, who joined Morrisons in October 2005, will leave the supermarket in June 2013 to concentrate on building a portfolio career.

Morrisons said in a statement that Pennycock will carry out a transition of his responsibilities prior to leaving the company. In the meantime, he will retain his responsibilities for finance, IT, online and strategy.

Pennycock was the architect of the Morrisons Optimisation Plan and has played an increasing strategic role in the last few years as the supermarket completed its transformation into a nationwide retailer. 

Chief executive Dalton Philips said: "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."

Sir Ian Gibson, chairman of Morrisons, added: "Richard has done an outstanding job for Morrisons over the last seven years. Richard will remain with Morrisons for another year which will ensure a seamless transition with his eventual successor. When he leaves in 2013 it will be with our gratitude and best wishes for the next phase of his career."

Morrisons said a search for a successor will start shortly.

Commenting on his departure Pennycook said: "This was a difficult decision but by the time I leave next year I will have been with Morrisons for over eight years and I feel that it's the right time to seek new challenges.

"It was very important to me to give Morrisons as much notice as possible to ensure a smooth transition. I wish the company and my colleagues all the best for the future."

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