Ex Co-op chief executive to become new chairman at Fenwick

Mark Fenwick, the fifth generation chairman at the department store Fenwick, has announced he will be stepping down within the next couple of months.

Lined up to take over from Mr Fenwick is ex Co-op chief executive Richard Pennycook, who will become the next non-executive chairman.

Mr Fenwick will remain with the company as a senior advisor to the board and will concentrate on property, development and asset management.

He commented: “The business and the family welcome Richard’s appointment and we look forward to working closely with him to drive Fenwick’s ambitious growth plans.”

Mr Pennycook also commented: “I have always admired the company and I am excited about the opportunity to work with the Fenwick family and team to realise the future vision and growth plans for the business.”