Retail

Marks & Spencer Appoints Non-Executive Director

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Britain's Marks & Spencer has announced that Ronan Dunne will join its board as a non-executive director, effective 1 August 2022.

Dunne is the former chief executive of Verizon Consumer Group. He was previously the CEO of Telefónica UK (O2) and prior to that, its chief financial officer.

Currently, he serves as non-executive chairman of Six Nations Rugby.

'Strong Commercial Leader'

Marks & Spencer chairman, Archie Norman welcomed Dunne to the board and stated, "He is a very strong commercial leader with enormous international experience in the digital telecoms industry, has led businesses through technological and people transformation, and has great financial expertise. He will add relevant expertise and fit in with our ‘engaged Board’ governance style."

Dunne will join the audit and nomination committees at the same time as joining the board, the retailer noted.

Marks & Spencer confirmed that there is no further information required to be disclosed pursuant to paragraph 9.6.13 of the UK Listing Rules.

Rising Costs In The UK

Elsewhere, the retailer has been fighting rising costs in its stores.

Finance chief, Eoin Tonge, said last month that the group's selling price food inflation was running at about 6%.

British consumers are facing the biggest squeeze on disposable income since at least the 1950s.

They were recently hit by a double whammy of surging household energy costs and higher taxes.

Food price inflation in Britain could hit 10% this year, the chairman of retailer Marks & Spencer told BBC radio last month.

© 2022 European Supermarket Magazine – your source for the latest Retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: European Supermarket Magazine.

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