Morrisons Finance Director to check out

Richard Pennycook, the Finance Director at Morrison Supermarkets (Morrisons), is to go his own way in a year's time.

Pennycook, who joined the firm in October 2005, is to leave the board and the supermarket group at the end of June 2013 to concentrate on building a "portfolio career", the company said on Monday morning.

Morrions will launch the search for a successor shortly. Pennycook will retain his responsibilities for finance, IT, online and strategy in the meantime during a transition period.

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"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," said Chairman Sir Ian Gibson.

Meanwhile, 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."

Shares slipped around 2% in early trading on Monday.

BC