M&S finance chief quits to hitch Primark-owner AB Meals

July 21 (Reuters) – Marks & Spencer (MKS.L) mentioned on Thursday finance and technique chief Eoin Tonge would depart the British clothes and meals retailer to take up a job at Related British Meals (ABF) (ABF.L), proprietor of price range vogue chain Primark.

Tonge, 49, who missed out on the CEO job at M&S following Steve Rowe’s retirement in Might, will be a part of AB Meals no later than February 2023, succeeding John Bason, who’s retiring as finance director on the finish of April 2023 after 23 years.

As per his discover interval, Tonge will keep at M&S by its first half ends in November.

Whereas M&S is without doubt one of the most well-known names in British enterprise, AB Meals is a far greater firm, spanning retail, meals manufacturing, sugar, agriculture and substances. Its market worth of 13.3 billion kilos ($15.9 billion) dwarfs M&S’s 2.8 billion kilos.

Shares in AB Meals have been up 1.3% at 1046 GMT, whereas M&S was down 1.2%, extending 2022 losses to 39%. learn extra

“We predict Eoin is an efficient alternative given his expertise in each meals and clothes,” mentioned analysts at Barclays.

Tonge joined M&S simply over two years in the past and helped steer the group by the COVID-19 pandemic. He was beforehand FD of Irish meals group Greencore (GNC.L).

“Our monetary controls, reporting, and monetary self-discipline are in a far stronger place than when he arrived,” M&S Chairman Archie Norman mentioned.

AB Meals CEO George Weston mentioned Tonge was an “preferrred successor” to Bason.

On his retirement Bason, 65, will turn into chairman of a newly constituted Primark Strategic Advisory Board, which can present exterior experience to Primark CEO Paul Marchant and the Primark management staff.

AB Meals mentioned that since its June 20 replace, buying and selling has been according to administration expectations and its full yr outlook was unchanged. learn extra

($1 = 0.8366 kilos)

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

Our Requirements: The Thomson Reuters Belief Ideas.