Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Howdens has announced that Richard Pennycook has indicated his intention to retire from the board with effect from 17 September 2022.
Pennycook was appointed as the firm’s chairman in May 2016, having joined the board in September 2013, initially as a non-executive director and chairman of the audit committee.
Howdens said his retirement aligns with the company’s board succession plan and “good governance practice”, including the UK Corporate Governance Code requirement for a chair to step down after nine years on the board.
A process is already underway for the nomination committee, led by the senior independent non-executive director, Geoff Drabble to identify and appoint his successor.
Geoff Drabble, senior independent director, said: “I would like to take this opportunity to thank Richard for his significant contribution during his time at Howdens. He has been a first-class chairman and has been instrumental in the rapid growth and development of the business over the past eight years. We wish him well for the future when he steps down in September.”
Pennycook added: “It has been a privilege to serve this very fine company. It is a unique, dynamic, customer focused business which owes its success to the dedication of its people and represents everything that British business should be.
“I will be stepping down from a business in great shape, with a successful strategy and a sound platform on which to generate sustainable growth in the future.”
