Marks & Spencer Group plc (LON:MKS) announced on Monday that its Group Chief Financial Officer will step down.
Shares in Marks & Spencer were down on Monday.
The British multinational retailer said that Humphrey Singer has decided to leave the business. It added that a succession process is now underway.
In order to ensure an orderly transition, Humphrey Singer will work alongside the Group Chief Executive Officer, Steve Rowe, and the board.
An exact date of departure is yet to be confirmed, Marks & Spencer said.
Humphrey Singer will continue with his responsibilities until then, the company added.
“I feel privileged to be a part of the challenging but hugely rewarding turnaround at Marks & Spencer,” Group Chief Financial Officer, Humphrey Singer, said in a company statement.
“The transformation taking place is of a scale, depth and pace not seen before at the company,” Humphrey Singer continued.
“After eighteen months of working with Steve to lead the transformation strategy and rebuild the finance function I have decided that now is the right time to move on. I will continue to give the business my all and work with Steve and the Board to ensure we continue to make progress and that there is an orderly handover to my successor.”
The Group Chief Executive Officer, Steve Rowe, added that Humphrey Singer has been a “huge asset” to Marks & Spencer.
“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,” Steve Rowe continued.
“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.”
Ocado Retail (LON:OCDO) is a joint venture between Ocado and Marks & Spencer, which was completed in August.
It recently posted an 11.4% rise in retail revenue in its third quarter results.
Shares in Marks & Spencer Group plc (LON:MKS) were trading at -3.55% as of 11:55 BST Monday.