Directorate Change

RNS Number : 5508C

Marks & Spencer Group PLC

11 February 2020

 

MARKS AND SPENCER GROUP PLC ANNOUNCES

CHIEF FINANCIAL OFFICER

Eoin Tonge will be joining the Board of Marks and Spencer Group PLC as Chief Financial Officer.

Steve Rowe commented, "Eoin's appointment concludes a rigorous search for a world-class finance director. He brings in-depth knowledge of food, as well as strategy and operations, and is another addition to the very strong management team we are building to transform M&S."

Eoin Tonge commented, "Marks & Spencer is a brand that I have admired as a customer as well as a supplier for some time. I'm excited to be joining the Board and management team to drive forward the transformation of the business, realise its full potential and make it special again."

David Surdeau, currently interim CFO, will remain with the business to support Eoin as he transitions into his new role. Eoin will join in June.

This announcement has been made in accordance with the requirements of 9.6.11 of the UK Listing Rules.

- Ends -

For more information, please call:

M&S External Communications 0208 718 1919

Notes to editors:

·    Eoin Tonge is currently the CFO of Greencore Group PLC, a position he has held since 2016. As CFO he has overseen key strategic changes including the divestment of Greencore's US operations; strengthening the company's balance sheet, returning capital to shareholders and simplifying the business to focus on its core market-leading propositions in the UK.

·    Prior to this he was the MD of the Grocery Business for two years and was previously the Chief Strategy Officer from 2009-2014. In this role he helped create the 'food to go' focused strategy which drove revenue and EBITDA growth. His first role at Greencore was as Group Capital Markets Director where he oversaw the treasury and investor relations functions.

·    From 1994-2006 he worked at Goldman Sachs in a variety of roles across finance, treasury and capital markets in London, Hong Kong and New York.

·    Eoin will receive an annual salary of £600,000. He will join the pension scheme on the same terms as all colleagues and will be eligible to participate in the Annual Bonus Scheme and Performance Share Plan in line with his start date. In accordance with M&S' remuneration policy, he will be provided with short-term domestic mobility allowances and as per the company's recruitment policy he will receive replacement share awards to compensate him for those forfeited by him joining the business. They will vest in occurrence with the original award time horizons.

 

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