M&S CFO Humphrey Singer to depart at the end of the year
today Oct 16, 2019
Marks & Spencer has confirmed that its group chief financial officer Humphrey Singer will step down from his role on 31 December following a transition period.
He announced in September his decision to leave the British business after 18 months of working on its transformation strategy alongside CEO Steve Rowe.
Marks & Spencer, which is struggling to compete effectively with clothing brands such as Zara and H&M, is undergoing a turnaround designed to cut costs and boost sales. The plan has included closing 120 stores and redirecting its focus to food.
In the latest signs of its declining fortunes, in September the retailer dropped out of the FTSE 100 for the first time since the index was formed in 1984.
Shares in the company have fallen by nearly 30% in the past six months.
Last month, Rowe said Singer has been “a huge asset to the business”.
“He has helped to establish the foundations of our transformation with a stronger balance sheet, robust financial controls and a much keener focus on reducing our cost base.
“In addition, he was a critical part of the team which guided Marks & Spencer through the deal to create our joint venture with Ocado and subsequent equity raise. I look forward to continuing to work with him as we search for his successor."
It’s not clear yet who will be replacing Singer as the chief financial officer of the troubled fashion and food retailer.
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