Former Co-op chief executive Richard Pennycook is poised to become the next non-executive chairman of Fenwick, after Mark Fenwick announced he would step down from the position in a few months‘ time.
Fenwick, the fifth-generation chair, will resign from the retailer during the annual general meeting on May 18.
Pennycook, who only announced his resignation from Co-Op last week, will then join the department store chain on the same date.
Fenwick will continue on as senior advisor to the board, with a focus on property, development and asset management.
“The business and the family welcome Richard‘s appointment and we look forward to working closely with him to drive Fenwick‘s ambitious growth plans,” he said.
Pennycook added: “I have always admired the company and I am excited about the opportunity to work with the Fenwick family and team to realise the future vision and growth plans for the business.”