Marks & Spencer Group Plc (M&S) have been facing troubles with its leadership team. As it continues to reshuffle its troubled executive ranks, it ropes in its next CFO from food supplier Greencore Group Plc.
Eoin Tonge who has been leading the Finance agenda for Greencore since 2016 has been appointed ad Chief Financial Officer by M&S. He replaces Humphrey Singer, who stepped down in September. And David Surdeau, who was currently interim CFO for M&S, would remain with the business to support Tonge as he moves into his new job.
Tonge brings in experience in leading the financial function from the food supplier industry. He has worked with Greencore for 14 years and held various leadership roles. Prior to that, Tonge He has also worked with investment bank Goldman Sachs.
Greencore's CEO Patrick Coveney describes Tonge as a "dedicated, professional and loyal Greencore colleague". As he gears up to take a new role and the responsibility of helping M&S heal from a slow growth phase, he is excited for the new opportunity.
"I am delighted to be taking on a new and exciting challenge with Marks & Spencer, a key customer of Greencore's," said Tonge.
Tonge enters the company during a difficult phase. The shared of M&S have fallen 35 percent over the last year. The UK retailer faced a setback last month when it reported a disappointing Christmas trading update. Besides turbulence in business, M&S has also witnessed disbalance in its executive leadership team.
Last year the company lost the head of its clothing and home business, Jill McDonald, who left after failing to turn around the struggling division. She was the retailer's fourth clothing boss in a decade. Stuart Machin, the head of the food arm, joined nearly two years ago and has since carried out a broad review of the unit.
As M&S now seeks to regain it position in the market and cope from the slowdown face, Tonge's role becomes extremely critical.
Image Credits: Food Manufacture