Marks & Spencer suffers fresh blow as finance chief quits


© Reuters. FILE PHOTO: File photo of clothes displayed on hangers in an Marks & Spencer shop in northwest London

By Bhargav Acharya and Sabahatjahan Contractor

(Reuters) – Marks & Spencer Group Plc (L:) said on Saturday its chief financial officer, Humphrey Singer, was stepping down after little more than a year, a further setback as the retailer is demoted from Britain’s leading share index.

Singer, who joined from electricals retailer Dixons Carphone (L:) in 2018, will work with Chief Executive Steve Rowe on the succession process, the company said.

Marks & Spencer, a 135-year-old firm that is one of the biggest names in British retail, has struggled to compete effectively on clothing with the likes of Zara and H&M, and will be relegated from London’s of leading shares with effect from Sept. 23 because of its declining market valuation.

It has built up a well-regarded food business that seeks to combine convenience and indulgence.

This now accounts for more than half of its annual revenue but margins have come under pressure from the march of discount chains, and M&S has reported three straight drops in annual profits..

“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,” Singer was quoted as saying in a company statement.

Singer’s exact departure date has not yet been decided and he will continue with his responsibilities until it is confirmed, the retailer said.

“Humphrey has been a huge asset to the business … I look forward to continuing to work with him as we search for his successor,” chief executive Rowe said.

READ  U.S. CEOs to Meet China Premier This Week as Trade Woes Brew

Singer’s abrupt departure follows the sacking of clothing, home and beauty managing director Jill McDonald in July, after which CEO Rowe took direct control of the division.

In its latest turnaround plan, M&S has been closing weaker stores, revamping ranges and investing in online sales.

Its boldest move yet was striking a 1.5 billion pound joint venture with online grocer Ocado (L:) to give M&S a home delivery service for food.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here