Rumours are rife around the trade over the possible replacement for Marc Bolland at the head of Morrisons, after the Dutchman’s shock exit to go to Marks & Spencer.
Morrisons chief executive Bolland is set to take up his responsibilities as the ceo of M&S in the new year, but his successors are already being touted.
Waitrose chief executive Mark Price and Morrisons finance director Richard Pennycook lead the pack, but it has been reported that headhunters haven't been appointed and it will be weeks before a long list of possible candidates is drawn up.
Sir Ken Morrison, former chairman and largest shareholder, is said to be in favour of Price but Pennycook’s credentials in Morrisons’ turnaround in recent years may give him the edge.
As Pennycook was appointed in 2005, the supermarket chain was said to be in “disarray” and had "no idea about the state of its finances'' with a relationship with the City.
Pennycook is said to have sorted out both issues and drafted the performance plan which Bolland adopted when he joined.
But questions have been asked over whether Pennycook has the charisma to guide a staff of more than 124,000.
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