Supermarket giants Morrisons have decided to appoint from within to replace their outgoing financial director.
Richard Pennycock will be replaced by Trevor Strain,who has been with the company for three years and will be promoted from his current role of finance director corporate.
Mr Strain was previously employed by Tesco where he was UK Property Finance Director and UK Planning and Reporting Finance Director.
The chairman of Morrisons, Sir Ian Gibson 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 at Morrisons, added: “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.”