Morrisons FD stands down

SUPERMARKET chain Morrisons is on the hunt for a new group finance director after Richard Pennycook announced plans to step down.

Mr Pennycook has been with the firm since October 2005 and is seen as one of the key architects of its development in recent years,

Morrisons 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.”   

Mr Pennycook has indicated he will leave Morrisons at the end of June next year.

He said: “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.”