// M&S CFO and chief strategy officer Eoin Tonge is leaving the business to take up the finance director post at Primark owner Associated British Foods
// Tonge replaces long-time Associated British Foods finance director John Bason, who will take on an external advisory role to Primark
Primark owner Associated British Foods (ABF) has poached M&S CFO Eoin Tonge, just two months after he was promoted to add chief strategy officer to his remit.
Tonge will replace long-time ABF finance director John Bason, who is retiring from an executive role after 23 years at the business.
However, Bason will become chairman of a newly created Primark Strategic Advisory Board and senior adviser at Primark, where he will help the fashion chain’s chief executive Paul Marchant and his senior leadership team as the business pushes on with its expansion.
M&S said it is now kickstarting its process to appoint a success but Tonge, who joined the business in 2020, will be in post until at last November, when it unveils its interim results.
M&S chairman Archie Norman said: “Eoin has made a great contribution to the transformation of M&S, bringing quality and rigour to the finance function and building a very strong team.
“Our financial controls, reporting, and financial discipline are in a far stronger place than when he arrived. Under his guidance, we have restored the balance sheet and created a strong platform for the next phase.”
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Tonge said: “It’s never an easy decision to leave a great business like M&S. However, the opportunity has knocked for me to take on a new financial role across a diverse portfolio of businesses.
“Behind every great business there are, of course, great people and I’m incredibly proud of the outstanding team we’ve built. The M&S I leave behind is undoubtedly stronger and more resilient than the M&S I found.”
He added:“ABF has a prestigious heritage, a strong sense of purpose and an exciting portfolio of diverse businesses. I am looking forward to working with the management teams to meet the challenges ahead and drive growth.”
Tonge will join ABF no later than February next year, while Bason will stay on board until the end of April to ensure a smooth transition.
ABF chief executive George Weston said: “I’m delighted to welcome Eoin to ABF. His extensive knowledge and experience of both retail and food industries along with his energy and broad understanding of business make him an ideal successor to John as finance director. I am confident he will make a strong contribution to the senior management team and to the business.
“John has been at ABF for more than 23 years. His contribution has been wide-ranging and exceptional, and I’d like to thank him for both his unbounded commitment to our company and for his support to me personally. I am delighted therefore that he will be making his wisdom and experience available both to Paul and to Primark, a business that he admires and knows well.
“The environment in which Primark operates is becoming increasingly complex, presenting the business with substantial opportunities for growth. The new board will support Paul and his team as they examine these opportunities to develop and grow the business.”
ABF added that its group trading had been in line with expectations since its last update in June and that its full-year outlook remains unchanged.
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