UK retailer Morrisons today (13 December) announced it would promote Trevor Strain to replace Richard Pennycook as finance director.
Strain, who has worked in senior financial roles at Morrisons for three years, will succeed Pennycook, who announced in June he would leave the UK's fourth-largest grocer after seven years with the business.
Strain joined Morrisons as commercial and operations finance director in 2009 from Tesco, where he had worked since 2002. He became Morrisons' finance director, corporate in 2011.
Show the press release
Directorate Change
Appointment of new Group Finance Director
Wm Morrison Supermarkets Plc (the "Company") announces that it has appointed Trevor Strain as Group Finance Director, succeeding Richard Pennycook whose decision to leave Morrisons to concentrate on a portfolio career was announced in June 2012.
Trevor joined Morrisons in 2009 as Commercial and Operations Finance Director and was promoted to Finance Director Corporate in June 2011. He was previously with Tesco for seven years where he was UK Property Finance Director and then UK Planning and Reporting Finance Director. Trevor will be appointed to the Main Board in June 2013.
In the meantime, there will be a managed handover of Richard Pennycook's responsibilities to Trevor Strain including Finance, Audit, and IT.
Commenting on this appointment, Sir Ian Gibson, Chairman of Wm Morrison Supermarkets Plc said:
"After a thorough selection process I am delighted that Trevor Strain will be Morrisons new Group Finance Director. He has a strong track record of financial leadership and his comprehensive understanding of our business will ensure continuity.
"Richard Pennycook has been an excellent Group Finance Director who has made an outstanding contribution to the success of our business since he joined in 2005. Of course he will remain with us until June 2013 to ensure a smooth transition of his responsibilities to Trevor."
Dalton Philips, Chief Executive Officer of Wm Morrison Supermarkets Plc said:
"I've worked closely with Trevor for three years and I'm confident that he has the qualities and experience to make an excellent Group Finance Director, and that he will build further on Richard Pennycook's legacy of a prudent approach to financial management, transparent reporting and open shareholder engagement."
There are no matters relating to Mr Strain which fall for disclosure under Listing Rule 9.6.13 (1) to (6) inclusive.
