11th Feb 2020 08:37
(Alliance News) - Marks & Spencer Group PLC on Tuesday said it has appointed current Greencore Group PLC's Chief Financial Officer Eoin Tonge in the same role, effective from June.
The FTSE 250-listed retailer also said that interim CFO David Surdeau will remain with the business to support Tonge into his new role.
Tonge replaces Humphrey Singer, who left M&S at the end of 2019. Surdeau, a former Tesco PLC executive, was named interim CFO in early January.
M&S Chief Executive Steve Rowe said: "Eoin's appointment concludes a rigorous search for a world-class finance director. He brings in-depth knowledge of food, as well as strategy and operations, and is another addition to the very strong management team we are building to transform M&S."
The iconic British food and clothing retailer endured a testing 2019, having been relegated from the FTSE 100 index in September 2019. M&S was a founding constituent of the list of London's top-tier stocks and had a 35-year stay there.
On Wednesday last week, M&S named Non-Executive Katie Bickerstaffe as its chief strategy & transformation director in a bid to transform the ailing business, particularly the clothing and home business divisions.
Sandwich maker Greencore separately on Tuesday said that Tonge will step down as CFO and board director following the company's first half results in May.
Greencore has commenced a process to determine a successor to Tonge.
M&S shares in London were up 0.6% at 183.30 pence each on Tuesday morning. Greencore shares were up 0.3% at 239.90p.
By Tapan Panchal; [email protected]
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