The Board of UK grocery retailer Morrisons has announced that its group finance director Richard Pennycook is to step down from the board and leave Morrisons at the end of June 2013.
Pennycook, who joined Morrisons in October 2005, will carry out an appropriate transition of his responsibilities prior to leaving the company, the group said, with the nomination committee shortly commencing a process for the selection of an appropriate candidate as his successor.
"Richard has done an outstanding job for Morrisons over the last 7 years," said Sir Ian Gibson, chairman of Morrisons. "He was the architect of the company’s Optimisation Plans and has played an increasing strategic role in the last few years as Morrisons has completed its transformation into a nationwide retailer. 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."
Dalton Philips, chief executive of Morrisons, noted: "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."
And Pennycook himself added: "This was a difficult decision but by the time I leave next year I will have been with Morrisons for over 8 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."