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Britain's M&S Finance Chief To Resign, Take Up New Role At Primark-Owner AB Foods

Marks and Spencer Plc said on Thursday its finance and strategy chief Eoin Tonge will be leaving the company to take up a new role at Primark-owner Associated British Foods.

The move comes after a series of top management changes.

Last month, M&S named Alex Freudmann, former managing director of Australian beer, wine, and spirits retailer Dan Murphy's as its new food boss, succeeding Stuart Machin, who was promoted to group chief executive in May.

Tonge is leaving more than two years after joining the British retailer, and Marks and Spencer said it was commencing a process to appoint a successor.

CEO Transition 

On the 25 May, M&S announced that, Steve Rowe was  to step down as CEO after six years in the top job, ending a 39-year career at M&S.

"While there is much more to do, the business has moved beyond proving its relevance and has the opportunity for substantial future growth," Rowe said.

"It has been my privilege to be the steward and shopkeeper of this fantastic business and extraordinary brand at such an important stage in its history. The changes we have delivered are down to the commitment and hard work of colleagues across the business, and I am delighted to hand the baton on to Stuart, Katie and Eoin to lead the next phase.”

The 138-year-old clothing and food company had said it will end its franchise agreement in Russia in the coming months and joined rivals in warning about the outlook for the current year amid a worsening cost-of-living crunch.

News by Reuters additional reporting and edited by Donna Ahern Checkout. For more Retail stories click here. Click subscribe to sign up for the Checkout print edition.

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