Morrisons finance director to step down

The Bradford-based supermarket chain said that Mr Pennycook intended to step down from the board and leave Morrisons at the end of June 2013 “to concentrate on building a portfolio career”.

Dalton Philips, chief executive of Morrisons, 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.”

The company said the nomination committee will shortly start a process for the selection of an appropriate candidate as successor.

Mr Pennycook, who joined Morrisons in October 2005, said: “This was a difficult decision but by the time I leave next year I will have been with Morrisons for over eight 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.”

The firm said he will carry out “an appropriate transition of his responsibilities prior to leaving the company in June 2013”. In the meantime, he will retain his responsibilities for finance, IT, online and strategy.

Sir Ian Gibson, chairman of Morrisons, said: “Richard has done an outstanding job for Morrisons over the last seven years. 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.”