// M&S drafts in Craig Lovelace from N Brown as food finance chief
// Lovelace will replace Nick Hewitt, who stepped down earlier this week
// Lovelace served as N Brown’s CFO since 2015
Marks & Spencer has appointed Craig Lovelace as its food finance chief in a bid to accelerate its turnaround strategy.
Lovelace will replace Nick Hewitt, whose departure was announced this week.
M&S said his start date has not been confirmed yet.
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Lovelace served as the group chief financial officer at N Brown, the owner of Jacamo and Simply Be, since 2015.
He was replaced by Rachel Izzard last week.
The move by M&S is the latest in a string of appointments as it continues to boost its turnaround strategy.
The retailer has faced heavy pressure from competition on the high street, and last year it was booted out of the FTSE 100 for the first time since the index was introduced 35 years ago, after its stock market value fell below the threshold for inclusion.
Meanwhile, its clothing arm has been facing a steady decline, to which the retailer has fought back by introducing new ranges, such as its athleisure brand Goodmove, and a refreshed Per Una collection.
M&S also Richard Price, an executive who was in charge of Tesco’s clothing brand F&F.
The retailer’s food division chief executive Stuart Machin said he was “delighted” that Lovelace was joining the team.
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