Morrisons to lose finance director Richard Pennycook next summer
The finance director who played a crucial role in building Morrisons into a nationwide grocer after the debacle of its takeover of Safeway in 2004 is leaving.
Richard Pennycook, who has been at the supermarket chain for seven years, will remain until July 2013, but the news of his planned exit sent its shares down by 3.6p to 264.8p yesterday.
Morrisons suffered its first fall in underlying sales for seven years in the first quarter of its current financial year.
Mr Pennycook, 48, who is also on the board of housebuilder Persimmon, wants to follow a portfolio career of non-executive roles, including a chairmanship.
He said: "This was a difficult decision but by the time I leave next year I will have been at Morrisons for over eight years and I feel that it's the right time to seek new challenges."
Before Mr Pennycook joined Morrisons in October 2005 from the motoring company RAC, the grocer had lost control of its finances after acquiring the Safeway chain the previous year.
Mr Pennycook, who received total pay of £1.18m last year and owns Morrisons shares worth £1.67m, is also in line to receive a retention bonus of £1.25m next year if the chain hits performance targets.
Apple agrees deal with Visa on contactless payments
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photos leak: 'These are completely fake' say singer's representatives
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Kate Upton nude pictures leak: Model's representatives 'looking into' authenticity of naked images
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...
£650 per day: Harrington Starr: .NET Developer C#, Win Forms, WPF, WCF, MVVM,...