30th Dec 2019 11:26
(Alliance News) - Marks & Spencer Group PLC is rushing to find an interim finance chief as it has less than a week before incumbent Humphrey Singer leaves the role, Sky News reported on Saturday.
The embattled high street retail chain is preparing to appoint a replacement on an interim basis after being unable to find a permanent appointment despite drawing up a shortlist of candidates, Sky News said.
M&S is expected to make an announce on Thursday next week, when it is scheduled to provide a trading statement.
https://news.sky.com/story/m-s-in-festive-scramble-to-find-replacement-for-finance-chief-11896637
M&S in October said Singer would depart on December 31, bringing an end to an 18-month stint as finance chief. He was previously the finance director at electrical goods seller Dixons Carphone PLC.
M&S has endured a testing 2019, having been relegated from the FTSE 100 index in September. M&S was a founding constituent of the list of London's top-tier stocks and had a 35-year stay there.
At its capital markets day, bosses at M&S expressed disappointment that significantly more action needs to take place in its long-suffering clothing division to get it back on track.
Revenue in the unit fell by 7.8% to GBP1.57 billion in the six months to September 28, with like-for-like revenue down 5.5%.
In November, the company appointed Richard Price, the former chief executive of F&F Clothing, Tesco PLC's fashion arm, as managing director of the clothing business.
M&S shares were trading marginally higher at 217.80 pence each in London on Monday morning.
By Eric Cunha; [email protected]
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