Previous Finance Director at M&S, Alan Stewart, left quite suddenly in September of this year to take up the same position at Tesco. The move was made three months in advance of the original start date, to attempt to resolve the crisis surrounding its profit overstatement.
Weir’s start date with the British retailer is yet to be confirmed although she is expected to serve a six month notice period. Following her resignation yesterday, the John Lewis partnership has said the search for her successor will begin immediately.
Prior to her stint at John Lewis, which began in 2012, Weir was Group Executive Director, Retail at Lloyds Banking Group.
Speaking of the new appointment, Marc Bolland, Chief Executive at M&S said:
“We are delighted to be appointing Helen as CFO. She is extremely well qualified, and brings a wealth of relevant financial, retail and consumer experience. We look forward to her joining the M&S team.”
Weir also commented on her new position:
“M&S is one of the UK’s great brands. This is an exciting time to be joining the company and I am delighted to be part of the team.”
On appointment, Weir will receive a basic annual salary of £590,000. No share awards are being granted in relation to her appointment, however, Weir will receive a one-off payment of £188,500 to compensate for the differential in contractual pension that she is forfeiting to join Marks and Spencer.
A further award for 2014/15 annual bonus foregone may also be taken into consideration.