Pennycook will stay in post and now attend cabinet. Seems a sensible way of getting around the previous problem of promoting housing ministers out of their job - a reward for expertise and reputation built in >5 yrs in this role (in govt and opp), and signals importance of the brief to Burnham.
Those in the sector will also be waiting to hear if Pennycook stays on as housing minister - he is broadly respected as someone who knows the brief well, so a replacement would have big shoes to fill.