Turnaround specialist Richard Pennycook has stepped down from his role as independent non-executive director of Thomas Cook after just six months following his appointment today as interim chief finance officer of the Co-operative Group.
Pennycook, who was previously finance director at the supermarket chain Morrisons, has left Thomas Cook with immediate effect.
Thomas Cook issued a statement staying Pennycook wanted to "focus on his executive career". Chairman Frank Meysman added: "We understand Richard’s decision and wish him every success for the future."
Pennycook, who was credited with restoring the City’s faith in Morrisons after its botched takeover of rival supermarket chain Safeway, is also a non-executive director at The Hut Group.
When he joined Thomas Cook in January this year, Meysman said: "Richard has a wealth of financial and consumer sector experience. In addition, at Wm Morrison he was integral to its transformation following the Safeway acquisition and his specific responsibilities included multi-channel development, a key area of focus for us. I am extremely pleased that he has agreed to join the board."
By Linsey McNeill
