Morrisons’ Pennycook appointed as The Hut Group chairman

FAST-growing online retailer The Hut Group has appointed Richard Pennycook as its non-executive chairman.

Mr Pennycook, the respected finance director of Yorkshire supermarket giant Morrisons, will take over as chairman from Angus Monro on April 1.
 
The Cheshire-based company, which is still keen to float on the Stock Market at some stage, has been talking to Mr Pennycook and former Tesco chief Sir Terry Leahy about succeeding Mr Monro for some months.
 
Mr Pennycook, who is standing down from his full-time role with Morrisons at the end of June, joined The Hut as a non-executive director in October 2012.
 
His CV includes group finance director of RAC, HP Bulmer Holdings, Laura Ashley and JD Wetherspoon and chief executive of Welcome Break Holdings.
 
He is currently senior independent director at listed housebuilder Persimmon.
 
He said: “Angus has led the board with distinction during the past three years and I am looking forward greatly to continuing to work with him and the rest of the board in the role of chairman.
 
“I am excited by the prospect of leading the business through the next phase of significant growth.”
 
The Hut’s founder and chief executive Matt Moulding added “It has been a real privilege to spend the last three years working closely with and learning from Angus. During this time he has guided us through a period of transformational growth.
 
“I’m delighted that Angus will be continuing his involvement with the group in his role as a non-executive director.”
 
Mr Monro added: “It has been an honour and a pleasure to lead the board. This is an exceptional company with exceptional prospects.”