The former CEO of the Co-operative Group, Richard Pennycook, has been appointed chair of online holiday group, On the Beach.
Mr Pennyccok rebuilt the Co-op after its banking crisis and won plaudits after he agreed to cut his basic salary from £1.25m to £750,000.
Prior to joining the Manchester mutual, he has held board roles in Morrison, RAC, Laura Ashley, J D Wetherspoon and most recently as chair at tech giant, The Hut Group.
He is also currently chair of Howden Joinery Group, a position he has held since 2016 having joined the board as a non-executive director in 2013.
Following his recent appointment to On the Beach, the company will continue to review its structure to ensure it has ‘the appropriate breadth and depth of experience while meeting corporate governance best practice.’
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Simon Cooper, CEO of On the Beach, said: “We are delighted to welcome Richard to On the Beach as Chair of the Board.
“Richard’s extensive experience in both private and public retail and consumer businesses will be invaluable, particularly his work with fast-growing online businesses, as we continue to deliver on our strategy in the UK and internationally.
“I would also like to take this opportunity, on behalf of the Board, to thank David Kelly for stepping into the role of Interim Chair in 2018 and we look forward to his continued support and guidance going forward.”
Mr Pennyccok will assume his role on April 1.
He said: “I very much look forward to working with Simon and the team at On the Beach.
“This is an agile and evolving business that has retained its entrepreneurial spirit while disrupting the travel industry to the benefit of consumers. I am pleased to be joining at this exciting time in the Group’s journey.”
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