Marks & Spencer has announced that Eoin Tonge, its Chief Financial Officer and Chief Strategy Officer, is leaving the company, after less than two years in the role.
M&S said that Tonge will continue to fulfil his current role “in line with his notice period”, which includes supporting the business through its Interim Results in November. The company added that it has begun the process of appointing his successor.
Tonge will be moving to Associated British Foods (ABF), where he will take up the role of Finance Director. ABF said Tonge will join the business no later than February 2023, with an exact start date yet to be agreed.
At ABF, Tonge will succeed John Bason, who is retiring and stepping down from ABF’s board of directors. Bason will become Chairman of a newly constituted Strategic Advisory Board and Senior Advisor at Primark. He will stay on as Finance Director until end-April 2023 to ensure a smooth transition.
Archie Norman, Chairman of M&S, noted: “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.”
Tonge added: “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 … My priority now is to ensure a smooth handover to Stuart and Katie and the wider leadership, and I have every confidence that M&S will flourish, as they reposition the business for future growth.”
George Weston, Chief Executive of Associated British Foods, commented: “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.”
