Thomas Cook independent non-executive director Richard Pennycook is stepping down.

This follows his recent appointment as interim chief financial officer of the Co-operative Group.

Cook said this morning that Pennycook will step down from the board with immediate effect to focus on his executive career.

Company chairman Frank Meysman said: “We understand Richard’s decision and wish him every success for the future.”

Pennycook was previously finance director at supermarket Morrisons for eight years.