M&S appoints new CFO

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M&S appoints Eoin Tonge as new CFO
// M&S reveals that its new finance chief will be Eoin Tonge
// He is the current CFO of sandwich supplier Greencore Group, where has been since 2006
// His base salary of £600,000 is slightly down from the £612,000 his predecessor Humphrey Singer received

Marks & Spencer has hired Eoin Tonge as its new chief financial officer, replacing Humphrey Singer who quit shortly after the retailer was demoted from the FTSE 100 last September.

Tonge is due to join in June with a basic salary of £600,000 – up from the £428,655 he received at the UK’s biggest sandwich supplier Greencore, where he is currently chief financial officer.

His salary is slightly down from the £612,000 his predecessor Singer received.


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Nonetheless, M&S said Tonge would also receive a pension contribution “on the same terms as all colleagues”.

By comparison, group chief executive Steve Rowe receives a pension contribution of 25 per cent.

Meanwhile David Surdeau, currently interim finance chief, will remain with the business to support Tonge during a transition period.

“Eoin’s appointment concludes a rigorous search for a world-class finance director,” Rowe said.

“He brings in-depth knowledge of food, as well as strategy and operations, and is another addition to the very strong management team we are building to transform M&S.”

Tonge said: “Marks & Spencer is a brand that I have admired as a customer as well as a supplier for some time.

“I’m excited to be joining the board and management team to drive forward the transformation of the business, realise its full potential and make it special again.”

At Greencore, which makes sandwiches for the majority of UK retailers, Tonge oversaw the sell-off of the company’s US business and simplified the business.

He was also chief strategy officer and managing director of Greencore’s grocery division.

Between 1994 and 2006 he worked at Goldman Sachs in finance markets across London, Hong Kong and New York.

Singer quit M&S on a Saturday last September, calling it “the right time to move on” after the retailer left the FTSE 100 for the first time in its history.

M&S also bolstered its top team earlier this month, with non-executive director Katie Bickerstaffe appointed chief strategy and transformation director as the retailer’s turnaround scheme steps up in pace.

M&S also appointed former N Brown group chief financial officer Craig Lovelace as its new food finance chief, replacing Nick Hewitt.

with PA Wires

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