M&S finance chief quits to join Primark-owner AB Foods

July 21 (Reuters) – Marks & Spencer (MKS.L) reported on Thursday finance and strategy main Eoin Tonge would leave the British clothes and food stuff retailer to consider up a function at Linked British Foods (ABF) (ABF.L), owner of spending plan fashion chain Primark.

Tonge, 49, who skipped out on the CEO position at M&S next Steve Rowe’s retirement in Might, will sign up for AB Food items no afterwards than February 2023, succeeding John Bason, who is retiring as finance director at the finish of April 2023 following 23 years.

As for every his detect period, Tonge will continue to be at M&S via its first 50 percent outcomes in November.

Though M&S is just one of the most famed names in British enterprise, AB Meals is a considerably even larger business, spanning retail, foods manufacturing, sugar, agriculture and substances. Its current market value of 13.3 billion lbs . ($15.9 billion) dwarfs M&S’s 2.8 billion kilos.

Shares in AB Food items had been up 1.3% at 1046 GMT, while M&S was down 1.2%, extending 2022 losses to 39%. examine a lot more

“We believe Eoin is a excellent alternative specified his practical experience in both of those foodstuff and apparel,” mentioned analysts at Barclays.

Tonge joined M&S just over two years back and helped steer the team through the COVID-19 pandemic. He was earlier FD of Irish food team Greencore (GNC.L).

“Our fiscal controls, reporting, and economical willpower are in a considerably more powerful put than when he arrived,” M&S Chairman Archie Norman explained.

AB Foodstuff CEO George Weston mentioned Tonge was an “perfect successor” to Bason.

On his retirement Bason, 65, will become chairman of a recently constituted Primark Strategic Advisory Board, which will offer exterior experience to Primark CEO Paul Marchant and the Primark leadership staff.

AB Foodstuff mentioned that because its June 20 update, buying and selling has been in line with administration expectations and its entire yr outlook was unchanged. read more

($1 = .8366 kilos)

Reporting by Eva Mathews in Bengaluru and James Davey in London Editing by Uttaresh.V and Bradley Perrett, Kirsten Donovan

Our Benchmarks: The Thomson Reuters Believe in Ideas.