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M&S appoints Greencore's CFO Eoin Tonge as new finance chief

By Ramla Soni

Eoin Tonge, a former Goldman Sachs banker who has spent almost 15 years at Greencore, will begin his new role in June

British clothing and food retailer Marks & Spencer has appointed the chief financial officer of Irish food group Greencore, Eoin Tonge, as its new finance chief following the departure of Humphrey Singer, who left after 14 months in the role.

Marks & Spencer said Tonge – a former Goldman Sachs banker who has spent almost 15 years at Greencore and became finance chief in 2016 – would begin his new role in June.

David Surdeau, currently interim CFO, would remain with the business to support Tonge.

Tonge will receive an annual salary of £600,000 ($775,800, €712,000) and will be eligible to participate in M&S’s annual bonus scheme and performance share plan.

Last week the group said non-executive director Katie Bickerstaffe was shifting to an executive role as chief strategy and transformation director from April 27.

At the same time, M&S is still to name a starting date for Richard Price, its new clothing boss, who was recruited from Tesco in November.

M&S has been in turmoil in recent times with its profits down 17 per cent, as clothing sales continue to struggle.

The retailer’s revenue fell 2.1 per cent to £4.9 billion ($6.3bn, €5.7bn) for the six months to September 28, while total sales fell 2.1 per cent to £4.86 billion.

Greencore is a supplier to M&S, whose shares have fallen 35 per cent over the last year.

Shares in M&S were down 1.3 per cent, while shares in Greencore were down 0.13 per cent at midday trading.

FURTHER READING: M&S sees profits plummet 17 per cent

FURTHER READING: Target surges 14% after raising earnings forecast

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