Primark poaches M&S finance chief
MARkS & Spencer has suffered a setback after Primark- owner Associated British Foods (ABF) poached a key member of its leadership team.
Finance director and chief strategy officer eoin Tonge was one of the three executives promoted at M&S after the departure of boss Steve Rowe in May.
He will remain in his role at least until the time of half-year results in november and is due to take up his new job as ABF’s new finance director by February next year.
Shore Capital analyst Clive Black said Tonge had done a ‘very good job’ overseeing the retailer’s finances as it was buffeted by the impact of the pandemic. Previous finance chief Humphrey Singer quit in 2019 after little more than a year. In the same year, clothing boss Jill McDonald left abruptly after less than two years.
Russ Mould, investment director at AJ Bell, said: ‘Tonge’s departure won’t do much for M&S’s reputation as a retailer with a revolving door. Just what is it about the company’s culture that causes so many people to join and then quickly leave?’
Tonge joined Marks & Spencer in 2020 as chief financial officer but was given a beefed-up role overseeing strategy after Rowe’s departure. But the job of chief executive went to another internal hire, Stuart Machin, with katie Bickerstaffe named as cochief executive.
Tonge said: ‘It’s never an easy decision to leave a great business like M&S. However, the opportunity has knocked for me to take on a new financial role across a diverse portfolio of businesses.’
ABF, meanwhile, owns a string of grocery brands including Ryvita and Ovaltine, and a global sugar business, as well as Primark.
Tonge replaces John Bason, who is retiring and stepping down from the board to take up an advisory role at Primark. It comes at a time when the cut-price fashion retailer, which has long resisted the shift to online being undertaken by high street rivals, is preparing to launch a click-and-collect offer for children’s wear at 25 stores in north-west england.
M&S shares fell 0.24pc yesterday, while ABF rose 0.8pc.