Marks & Spencer gets expert in change

Marks & Spencer has recruited Dixons Carphone finance chief Humphrey Singer to replace chief financial officer Helen Weir, who is leaving the British retailer on March 31 after three years in the role.

Singer — who has been group finance director of Dixons Carphone since the company was created through the merger of Dixons Retail and Carphone Warehouse in 2014 and filled the same role at Dixons Retail before that — said Marks & Spencer was changing fundamentally under the leadership of CE Steve Rowe.

“There’s no better time to be joining the team that is transforming the business,” Singer said on Wednesday.

Rowe is attempting to revitalise the clothing, homeware and food retailer by improving ranges, reducing the floorspace devoted to clothes and cutting its cost base.

Weir announced in November that she would leave Marks & Spencer to pursue a “more diverse portfolio” of jobs.

She will continue to be paid her salary and pension until November 8 in line with her contract, Marks & Spencer said.

She will also be eligible for a bonus for the 2017-18 financial year, the company said. Weir was paid £757,000 in salary and received a £496,000 bonus in the last financial year, according to the firm’s annual report.

New signing Singer will receive a salary of £600,000, Marks & Spencer said.

Dixons Carphone, which sells electricals and mobile phones, said Singer was expected to remain at the business until July 2018. The company had started a search for a replacement, it said.

Seb James, CE of Dixons Carphone, said Singer had played a vital role in the transformation of the company and would leave the business in a healthy financial position.

Singer’s strong track record, however, was slightly tarnished when the company warned on profit in August, sending its shares down by as much as 30%.

Separately, Dixons Carphone was fined £400,000 on Wednesday after the personal data of more than 3-million of its customers was exposed in a cyber attack in 2015.

The company’s shares were flat at 203p in early morning trade, while Marks & Spencer shares were up 1.8% at 324p.

Marks & Spencer will update on Christmas trading on Thursday. Dixons Carphone is set to release a trading statement on January 23. /