In Brief

Fresh blow for Marks & Spencer as finance boss quits

Humphrey Singer had been in the job for little more than a year

The chief financial officer of Marks & Spencer is stepping down after little more than a year in the job.

The high street chain has announced that Humphrey Singer, who joined from Dixons Carphone in 2018, will work with the chief executive, Steve Rowe, on the succession process.

The news comes just weeks after it was announced the firm would drop out of the FTSE 100 for the first time, The Guardian says. The relegation, which kicks in today, came because of declining market valuation as the once imperious Marks & Spencer struggles to compete on clothing with rivals such as H&M and Zara.

This is the company's second high-profile exit within a matter of months. Jill McDonald, the clothing, home and beauty managing director, was sacked in July, after which Rowe wrestled took control of the division.

Rowe said: “Humphrey has been a huge asset to the business… I look forward to continuing to work with him as we search for his successor.”

–––––––––––––––––––––––––––––––For a round-up of the most important business stories and tips for the week’s best shares - try The Week magazine. Get your first six issues for £6–––––––––––––––––––––––––––––––

The Financial Times describes his departure is a “blow” for the retailer.

Announcing his decision, Singer said: “After 18 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.”

Singer's tenure has been “brief by the standards of finance chiefs at major listed companies”, Sky News says, and his departure follows “persistent rumours that he was unhappy in the role”.

Recommended

How to save money on gas and electricity
Gas hob
Expert’s view

How to save money on gas and electricity

Is the Bank of England fit for purpose? 
Andrew Bailey: ‘an unusually apocalyptic economic outlook’
Talking point

Is the Bank of England fit for purpose? 

Why the Bank of England is raising interest rates again
Andrew Bailey, the governor of the Bank of England
In Depth

Why the Bank of England is raising interest rates again

Eight unmissable business ideas for growth and modernisation
Woman and man standing in front of whiteboard covered in post-its. The woman is writing on the board with a marker.
Advertisement Feature

Eight unmissable business ideas for growth and modernisation

Popular articles

Is World War Three on the cards?
Ukrainian soldiers patrol on the frontline in Zolote, Ukraine
In Depth

Is World War Three on the cards?

Inside Adelaide Cottage: Prince William and Kate’s new home ‘away from prying eyes’
William and Kate
In Depth

Inside Adelaide Cottage: Prince William and Kate’s new home ‘away from prying eyes’

Ten Things You Need to Know Today: 16 August 2022
10 Downing Street
Daily Briefing

Ten Things You Need to Know Today: 16 August 2022

The Week Footer Banner