Marks and Spencer said on Thursday its finance and strategy chief Eoin Tonge will be leaving the company to take up a new role as finance director at Primark-owner Associated British Foods.
The move comes after a series of top management changes. Last month, M&S named Alex Freudmann, former managing director of Australian beer, wine, and spirits retailer Dan Murphy's as its new food boss, succeeding Stuart Machin, who was promoted to group chief executive in May.
Tonge is leaving more than two years after joining the British retailer, and Marks and Spencer said it was commencing a process to appoint a successor.
'A Prestigious Heritage'
“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 said in a statement.
The 138-year-old clothing and food company had said it will end its franchise agreement in Russia in the coming months and joined rivals in warning about the outlook for the current year amid a worsening cost-of-living crunch.
At Associated British Foods, Tonge will replace John Bason, who will be retiring as finance director and will be stepping down from the ABF Board.
“I’m delighted to welcome Eoin to ABF," commented George Weston, chief executive of Associated British Foods. "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."
After stepping down from the ABF Board, Bason is to be appointed chairman of a newly constituted strategic advisory board and senior advisor at ABF's retail business, Primark.