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17 Oct 2012
THE DEPARTING FD of Wm Morrison Supermarkets has wasted little time in building a portfolio career with his appointment as a non-executive director at The Hut Group.
Richard Pennycook is to leave Morrisons at the end of June 2013 to concentrate on building a portfolio career. He joins specialist online retailer The Hut with immediate effect.
Pennycook established himself as a turnaround specialist par excellence as he delivered the seemingly impossible by restoring the City's faith in Morrisons after its botched Safeway acquisition.
"He is one of the most respected retailers in the UK and his wealth of experience will be invaluable as we continue to build the Group into a major global ecommerce player," Angus Monro, chairman of The Hut Group.
A chartered accountant, Pennycook joined the board of Morrisons as group finance director in October 2005, having previously been group FD of RAC.
He is also senior independent director and chairman of the audit committee of Persimmon.
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