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

July 21 (Reuters) – Marks & Spencer (MKS.L) said on Thursday finance and strategy main Eoin Tonge would go away the British outfits and food retailer to choose up a role at Associated British Meals (ABF) (ABF.L), operator of price range trend chain Primark.

Tonge, 49, who missed out on the CEO occupation at M&S subsequent Steve Rowe’s retirement in May, will join AB Food items no later than February 2023, succeeding John Bason, who is retiring as finance director at the finish of April 2023 just after 23 many years.

As for each his discover period, Tonge will keep at M&S by its very first 50 percent final results in November.

Although M&S is one particular of the most famed names in British small business, AB Meals is a much bigger business, spanning retail, food production, sugar, agriculture and ingredients. Its market place benefit of 13.3 billion pounds ($15.9 billion) dwarfs M&S’s 2.8 billion lbs ..

Shares in AB Food items were being up 1.3% at 1046 GMT, though M&S was down 1.2%, extending 2022 losses to 39%. go through much more

“We think Eoin is a superior preference specified his expertise in the two foodstuff and outfits,” reported analysts at Barclays.

Tonge joined M&S just above two a long time in the past and served steer the group by way of the COVID-19 pandemic. He was earlier FD of Irish foods team Greencore (GNC.L).

“Our economical controls, reporting, and financial self-discipline are in a considerably more robust location than when he arrived,” M&S Chairman Archie Norman reported.

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

On his retirement Bason, 65, will turn into chairman of a freshly constituted Primark Strategic Advisory Board, which will offer external abilities to Primark CEO Paul Marchant and the Primark management group.

AB Foodstuff stated that given that its June 20 update, buying and selling has been in line with administration expectations and its full 12 months outlook was unchanged. go through a lot more

($1 = .8366 lbs .)

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

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