// Richard Pennycook is to retire from his position as chair of building and kitchen supply group Howden’s in September
// Pennycook, the former boss of The Co-op, has been on the Howdens board for nine years
Richard Pennycook is to retire as chairman of Howdens in September this year.
Pennycook, who was previously chief executive of The Co-op and finance director at Morrisons, has been chair since May 2016 and has been on the building and kitchen supplier’s board since 2013.
His retirement both aligns with the UK Corporate Governance Code requirement for a chair to step down after nine years on the board.
Pennycook leaves Howdens in great shape. In its last half year to 12 June, 2021, sales surged 68.8% year on year, or 20.3% on a two-year basis, to £784.9m and pre-tax profit jumped more than 50% against pre-pandemic comparatives to £119.2m.
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Howdens has begun its search to identify and appoint Pennycook’s successor as chair.
Howdens senior independent director Geoff Drabble, who is leading the search, said: “I would like to take this opportunity to thank Richard for his significant contribution during his time at Howdens.
He has been a first-class chairman and has been instrumental in the rapid growth and development of the business over the past 8 years. We wish him well for the future when he steps down in September.”
Pennycook added: “It has been a privilege to serve this very fine company. It is a unique, dynamic, customer-focused business which owes its success to the dedication of its people and represents everything that British business should be.
“I will be stepping down from a business in great shape, with a successful strategy and a sound platform on which to generate sustainable growth in the future.”
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