Comment: Pennycook’s the right man for the job

FOR an organisation which has had its decision making process questioned on more than one occasion in the last 18 months, The Co-operative Group has got the appointment of Richard Pennycook as chief executive spot on.

After the brief and turbulent reign of Euan Sutherland, which culminated in what some considered to be a rather hysterical departure in March, Pennycook has brought calm, focused authority to the role.

Morale at the Angel Square head office, which was surely at its lowest ebb after Sutherland stormed out, railing against the “ungovernable” nature of the organisation, has picked-up markedly in recent weeks, sources say.

The 50-year-old accountant, who lives in York, has been involved in running some of the country’s biggest and best known businesses, from Morrisons, motorway service stations operator Welcome Break, pub chain JD Wetherspoon, the RAC, Allders and Laura Ashley.

Those who know him and have worked closely with him, speak of his close attention to detail, and at the same time awareness of the bigger strategic picture.

One told TheBusinessDesk.com “He is thoughtful and considered and has great bandwidth in terms of his ability to focus on the detail in a diverse group of businesses, while also having a eye on the wider picture.

“He is a sensible choice for the short to medium term. He is embedded in the organisation, has successfully dealt with the balance sheet issues and will have a clear picture of what is needed to take the business forward.”

Having previously appeared to rule himself out of the job he has been doing on an interim basis for the last six months, his change of heart is to be welcomed for the good of an important regional institution.

Asked what had prompted his change of heart, he told journalists: “For me, the defining moment was the governance change at the weekend. That unlocked for me the attractive prospect of leading the organisation permanently. I had a very strong view that this is a national institution and a unique organisation which should be important in the nation.

“After many years in the plc world I was very excited by the possibility of operating in a cooperative environment.”