Marks and Spencer Group PLC (LON:MKS) have appointed current Greencore Group PLC (LON:GNC)’s Chief Financial Officer in a similar role.
Marks and Spencer have said that interim CFO Said Surdeau will remain with the firm, as they look to help Eoin Tonge from Greencore adjust and transition into his new role.
Marks and Spencer said that Tonge has held a few different roles, and has been with Greencore since 2016. Prior to this he was the MD of the Grocery Business for two years and was previously the Chief Strategy Officer from 2009-2014.
Steve Rowe commented, “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.”
Eoin Tonge commented, “Marks & Spencer is a brand that I have admired as a customer as well as a supplier for some time. I’m excited to be joining the Board and management team to drive forward the transformation of the business, realise its full potential and make it special again.”
Need for change at Marks and Spencer?
Marks and Spencer have not exactly had the most easy of times in the British retail market over the last few months.
In January, the firm saw its UK sales decline leading to shares crashing. The FTSE 250 listed firm said that performance has seen improvements on a like for like basis, however total sales declined in its Clothing and Home sector.
Notably, the period mentioned includes the festive holidays however British supermarkets seemed to have lost ground.
In the 13 weeks period which ended December 28 the firm said that its total UK sales dipped 0.6% year on year to £2.77 billion, however on a like for like basis this was a 0.2% rise.
Total sales were 0.7% lower at £3.02 billion, and this includes its international unit which saw a 2.3% fall in sales to £251 million.
The British supermarket mainly attributed its growth in UK trading to food unit, where sales climbed 1.5% year on year to £1.7 billion. Notably in the food unit, the firm saw a 1.4% rise on a like for like time scale.
The change of directorate may come at a good time for Marks and Spencer, as it seems that the firm is facing a tricky period as it was recently demoted out of the elite FTSE 100.
Shares in Marks and Spencer trade at 179p (-1.62%). 11/2/20 11:05BST.
