Marks & Spencer chief financial officer to step down

Marks & Spencer’s chief financial officer Eoin Tonge is to leave the business to take up a new role as finance director of Primark owner Associated British Foods.

Tonge joined the business just over two years ago from Greencore Group where he held the same position. 

“Eoin has made a great contribution to the transformation of M&S, bringing quality and rigour to the finance function and building a very strong team. Our financial controls, reporting, and financial discipline are in a far stronger place than when he arrived,” reports quoted Archie Norman, chairman of M&S, as saying.

“Under his guidance, we have restored the balance sheet and created a strong platform for the next phase. Eoin has been extremely helpful in supporting the board and seeing through our planned succession to Stuart Machin as chief executive and Katie Bickerstaffe as co-chief executive. He has been a great colleague; we thank him for his efforts at M&S and wish him well in his new role.”

The retailer has now commenced a process to appoint Tonge’s successor, although he will continue to fulfil his current role in line with his notice period. This will include supporting the business through its interim results in November.

At Associated British Foods Tonge will succeed John Bason who has been appointed as chairman of a newly constituted strategic advisory board and as a senior advisor at Primark.

The strategic advisory board will be tasked with providing external expertise to Paul Marchant, Primark chief executive, and to the retailer’s leadership team.

Reacting to the news, George Weston, chief executive of Associated British Foods, said that he is delighted to welcome Tonge to ABF.

“His extensive knowledge and experience of both retail and food industries along with his energy and broad understanding of business make him an ideal successor to John as finance director. I am confident he will make a strong contribution to the senior management team and to the business,” Weston said.