Morrisons' former finance boss Richard Pennycook appointed group finance director at The Co-op

It is a coup for Euan Sutherland, who took up the post as The Co-op chief executive last month, to secure the hire of the well-respected Pennycook.

Pennycook will start his new role on July 1, initially on an interim basis.

Sutherland said he was pleased to have attracted the “calibre” of Pennycook to the grocer.

He 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.”

In his eight-year tenure at Morrisons as group finance director, Pennycook was responsible for its finance, IT, strategy and multichannel development.

Pennycook’s appointment comes at the same time as the group appoints Brighthouse chairman Richard Pym as the new chair of The Co-operative Bank. Pym has formerly worked as the chairman of Halfords.

The Co-operative Group chair Len Wardle said: “Together with Euan Sutherland and Niall Booker, our new bank chief executive, we now have a formidable top team with exceptional financial, strategic and operational expertise across retail and financial services.”