Former Morrisons FD Pennycook steps in at the Co-op
THE Co-operative Group has boosted its senior team by hiring experienced executives Richard Pennycook, former finance director of Morrisons, and Richard Pym, the former CEO of Alliance & Leicester as chairman of its beleaguered bank.
Mr Pennycook, who recently left Bradford-based supermarket group Morrisons after eight years, will join the Co-op on July 1, initially on an interim basis. Mr Pym, who has 40 years’ experience in banking and finance, joins immediately.
Mr Pym succeeds Paul Flowers, who has been chair of The Co-operative Banking Group and The Co-operative Bank for three years, and is stepping down from both roles and leaving both boards.
Len Wardle, chair of The Co-operative Group, said:”Richard Pennycook and Richard Pym bring significant and valuable experience and will be great assets as we reposition our bank and take the wider group to the next phase of its development.
“Together with Euan Sutherland, group chief executive and Niall Booker, our new bank chief executive, we now have a formidable top team with exceptional financial, strategic and operational expertise across retail and financial services.”
Euan Sutherland, added: “I am very pleased that individuals of the calibre of Richard Pennycook and Richard Pym have decided to join The Co-operative Group. Both have fantastic track records in British business and the team and I look forward to working closely with both of them.
“Richard Pennycook has proven long-term experience working at the top of some of Britain’s leading companies and will make a valuable addition to our organisation.
“Richard Pym is widely respected across the financial services industry. His appointment, together with that of Niall Booker as Chief Executive of The Co-operative Bank, means the Bank is in very good hands.”
Richard Pennycook said he was delighted to join the Manchester-based mutual adding: “With its strong brand and loyal customer base, the group is ideally positioned to address the challenges it now faces. Together with Euan and the rest of the team, I look forward to helping The Co-operative Group realise its significant potential.”
Addressing the issues the Co-op Bank faces as it try to shore-up its finances after the shock downgrade to its bonds to junk last month, Mr Pym said: “We are clearly focused on actions to strengthen the bank’s balance sheet and resolving the current underlying issues. This will allow us to continue to provide customers with an alternative choice to the traditional banks.
“The British banking system is very concentrated, with a small number of institutions, and it is important that The Co-operative Bank plays its full part in maintaining a competitive landscape for customers.”
