Richard Pennycook of Morrisons

Richard Pennycook of Morrisons is joining The Co-op.

Outgoing Morrisons finance director Richard Pennycook has been named the new group FD for The Co-operative Group.

Pennycook, who has been at Morrisons for eight years, will join the society on 1 July, initially on an interim basis.

He is the second big hire for the Co-op Group in a week. Last week, Niall Booker was named CEO of the troubled Co-operative Bank, as well as deputy CEO of the Co-op Group.

Pennycook revealed in June last year that he planned to leave Morrisons to broaden his portfolio.

“I am delighted to be joining the Co-op Group to help drive its development,” he said.

“With its strong brand and loyal customer base, the group is ideally positioned to address the challenges it now faces. Together with Euan and the rest of the team, I look forward to helping The Co-op Group realise its significant potential.”

Co-op Group CEO Euan Sutherland added: “Richard Pennycook has proven long-term experience working at the top of some of Britain’s leading companies and will make a valuable addition to our organisation.”

The society also named Richard Pym as chair of the Co-operative Banking Group and Co-op Bank. He replaces Paul Flowers.