Morrisons finance director to quit, shares fall Mr Pennycook, aged 48, who has been with the Bradford-based supermarket for seven years, is stepping down next year to pursue a "portfolio career." He suggested he wanted the challenge of being in charge of a turn around at a public company. "I will do interesting things," he said. He is already a non-executive director at Persimmon, the house builder. To stop Mr Pennycook leaving , a generous two-year incentive package was put in place. He will receive 456,000 shares, worth £1.25m at the grant date, as long as he is still with the company in March 2013, and the company's earnings per share growth matches inflation. He is expected to leave in spring or summer next year. Last year he was paid £1.12m in salary and bonus. Company insiders said they always presumed he would leave after the two-year lock-in expired. However, analysts said the timing of the exit of Mr Pennycook was unfortunate. It comes just a week after former chief executive, Sir Ken Morrison, said he feared Morrisons was trying too hard to emulate Waitrose and not doing enough to offer good value to customers. Sir Ken said yesterday that Mr Pennycook "was excellent at the technical side of things" and would be missed. The company has also suffered from its market share slipping. Mr Pennycook said: "My departure has nothing to do with the trading performance. I am a shareholder of the business and will be one in a year's time. The strategy is one that Dalton and I share. Philip Dorgan, analyst at Panmure Gordon, said: "He was seen as a steady hand on Dalton Philips" shoulder stopping him doing some of the crazier ideas, and the market obviously doesn't like the idea of him going. It would clearly be better for the company if he was staying. Mr Pennycook is widely credited with helping restore the company's profitability after its problematic merger with Safeway in 2004. Clive Black at Shore Capital said: "The departure of someone who bridged the era of Sir Ken Morrison and Dalton Philips can be considered a loss to the company, a company that went out of its way to incentivise Mr Pennycook to stay." The company has yet to appoint headhunters to find Mr Pennycook's replacement but it is understood that the two internal candidates in the running are Gordon Mowat, strategy director, and Trevor Strain, a senior director.