The struggling Co-Operative Group have announced 'a significant strengthening' of its management team, with the appointment of Richard Pennycook as Group Finance Director. Pennycook joins the Group after almost eight years as Group Finance Director at WM Morrison Supermarkets plc, where he was responsible for the Group's finance, IT, strategy and multichannel development. He has also held roles at RAC, Laura Ashley and JD Wetherspoon. Pennycook will take up the position on 1 July 2013, which is initially to be set on an interim basis.
The Co-Operative Group have also announced the appointment of Richard Pym as Chair of the Co-Operative Bank and the Co-Operative Banking Group, with immediate effect. Pym has held a variety of senior roles elsewhere, including Group Chief Executive of Alliance & Leicester. He succeeds Paul Flowers, who held the role for three years.
Len Wardle, Chair of The Co-operative Group, said, “The Board is delighted to welcome both Richard Pennycook and Richard Pym to The Co-Operative Group. They bring significant and valuable experience and will be great assets as we reposition our Bank and take the wider Group to the next phase of its development.
"Together with Euan Sutherland, Group Chief Executive and Niall Booker, our new Bank Chief Executive, we now have a formidable top team with exceptional financial, strategic and operational expertise across retail and financial services. I would like to thank Paul Flowers for his three years’ service as Chair," he added.
