Morrisons’ finance man to step down

Supermarket Morrisons is to see a change on the board, after group finance director Richard Pennycook announced he will be stepping down in order to concentrate on building a portfolio career. 

Pennycook, who joined Morrisons in October 2005, will carry out his finance, IT, online and strategy responsibilities until next June next year, but the supermarket will start  the process to select a successor shortly, through its nomination committee.

Morrisons chairman Sir Ian Gibson said: “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 increasingly strategic role in the last few years as Morrisons has completed its transformation into a nationwide retailer.”

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.”

In May this year, Morrisons had reported a “satisfactory” start to the financial year with Q1 sales up by 1.5% and like-for-like sales down by 1. However it suffered a share dip of 0.4 points earlier this month. 

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