Nov 17, 2014
M&S poaches John Lewis' finance chief
Nov 17, 2014
LONDON, United Kingdom - British retailer Marks & Spencer on Monday poached John Lewis' chief financial officer Helen Weir to be its new head of finance.
Weir, 52, will succeed Alan Stewart, who quit M&S in July to join Britain's biggest retailer Tesco, as chief finance officer on a date to be confirmed.
Weir has been CFO at John Lewis since 2012 and is also a former finance director at both Lloyds Banking Group and home improvement retailer Kingfisher.
Confirming her resignation, John Lewis said it expected Weir to work her six month notice period. A spokesman for M&S declined to say if the firm would press for her earlier release.
M&S said she would receive a basic annual salary of 590,000 pounds ($923,114) along with standard benefits commensurate with her position.
Weir will also receive a one-off payment of 188,500 pounds to compensate for the differential in contractual pension that she is forfeiting to join M&S.
The retailer said a further award for 2014-15 annual bonus foregone may also be taken into consideration.
Since July, Paul Friston, executive assistant to M&S chief executive Marc Bolland, has been M&S's interim CFO but was not a candidate for the permanent position.
Earlier this month, M&S reported its first rise in first-half profit for four years and raised its profit margin guidance for the full year.
Shares in M&S closed up 0.9 percent at 472.9 pence, valuing the business at 7.8 billion pounds.
1 US dollar = 0.6391 British pound
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