CFO Succession Planning

RNS Number : 1994N

Marks & Spencer Group PLC

23 September 2019

 

MARKS AND SPENCER GROUP PLC ANNOUNCEMENT REGARDING CHIEF FINANCIAL OFFICER SUCCESSION

Marks and Spencer Group plc ('Company' or 'Marks & Spencer') today announces that Humphrey Singer, Group Chief Financial Officer, has decided to leave the business and a succession process is now underway. Humphrey will work with Steve Rowe, Group Chief Executive Officer, and the Board to ensure an orderly transition. A departure date has not yet been decided and this will be confirmed by the Company in due course and, until then, Humphrey will continue with his responsibilities.

Humphrey Singer, Group Chief Financial Officer, commented:

"I feel privileged to be a part of the challenging but hugely rewarding turnaround at Marks & Spencer. It is a brilliant business and a much-loved brand for our colleagues and our customers. The transformation taking place is of a scale, depth and pace not seen before at the company. After eighteen months of working with Steve to lead the transformation strategy and rebuild the finance function I have decided that now is the right time to move on. I will continue to give the business my all and work with Steve and the Board to ensure we continue to make progress and that there is an orderly handover to my successor."

Steve Rowe, Group Chief Executive Officer commented: "Humphrey has been a huge asset to the business. He has helped to establish the foundations of our transformation with a stronger balance sheet, robust financial controls and a much keener focus on reducing our cost base. In addition, he was a critical part of the team which guided Marks & Spencer through the deal to create our joint venture with Ocado and subsequent equity raise.  I look forward to continuing to work with him as we search for his successor."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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