23rd Sep 2019 08:17
(Alliance News) - Marks & Spencer PLC said Monday that Chief Financial Officer Humphrey Singer has decided to leave the group; however his departure date has not yet been decided.
A succession process is now underway, during which Singer will continue with his responsibilities, and work with Chief Executive Officer Steve Rowe to ensure an orderly transition.
Singer has been part of clothes, homewares and food retailer M&S for a year since 2018, joining from electricals and telecommunications retailer Dixon Carphone PLC, where he was finance director for four years from 2014 to 2018.
"Humphrey has been a huge asset to the business. He has helped to establish the foundations of our transformation with a stronger balance sheet, robust financial controls and a much keener focus on reducing our cost base. In addition, he was a critical part of the team which guided Marks & Spencer through the deal to create our joint venture with Ocado and subsequent equity raise. I look forward to continuing to work with him as we search for his successor," Rowe said.
With effect from the open on Monday, Marks & Spencer has been demoted to the FTSE 250 Index, after a 35-year spell in the FTSE 100.
Shares in Marks & Spencer were down 1.4% at 193.15 pence on Monday morning.
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