BusinessCompany NewsMore controversy for Morrisons over FD

More controversy for Morrisons over FD

Plans to extend contract of Morrisons FD Richard Pennycook hit obstacle

David Jones, the deputy chairman of supermarket company Wm Morrisons
Supermarket plc, has written to shareholders in an attempt to ease governance
concerns over new rules for executive contracts.

Morrisons wants to extend executive contracts from one to two years, which is
in breach on the combined code, the FT reports. The company believes it
is essential for the business’s new FD Richard Pennycook to have the security of
a two-year deal.

Pennycook replaced long-standing FD Martin Ackroyd, who was forced to resign
last year after a string of profit warnings. Pennycook, formerly the FD of RAC,
was appointed in October on the same day that Morrisons chief executive Bob
Stott announced that he would leave this summer.

Stott’s successor has yet to be named and Pennycook wants the security of a
two-year contract in case the new chief executive seeks to replace him.
Pennycook has relocated his family to the Morrisons headquarters in Yorkshire.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor