Supermarket chain Morrisons has today announced that Richard Pennycook, Group Finance Director for the retailer, is to leave the company at the end of June 2013.
Pennycook, who started with the supermarket chain in October 2005, has cited a desire for career portfolio development as the reason behind his decision to part ways with the grocer.
Until his planned departure next year, he will remain responsible for overseeing the departments of Finance, IT, Online and Strategy within the group.
Commenting on his departure, Pennycook 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.”
In the interim, The Nomination Committee will begin to search for a suitable replacement.
Chairman of Morrisons Sir Ian Gibson said that the retailer is committed to ensuring a smooth transition when the handover takes place.
“Richard has done an outstanding job for Morrisons over the last 7 years,” Gibson added.
“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.”
Dalton Philips, Morrisons CEO, said of the Directorate change: “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.”