Pennycook confirmed at Co-op

Richard Pennycook
Richard Pennycook
RICHARD Pennycook has been announced as the new group chief executive of the Co-operative Group.
He was previously interim group chief executive.
The news came as the group announced interim results for the 26 weeks ending 5 July, which showed an overall return to profit.
In food, like-for-like sales were up 1% overall and up 4% like for like in the core convenience chain.
Pennycook said the results “clearly reflect an organisation in transition”.
Ursula Lidbetter, chair of the Co-operative Group, said: “We have seen the first-class job that Richard has done over the last six months, in challenging circumstances, leading a strong executive team. We are clear that he is the right person to continue the process of rebuilding.”