Marks & Spencer CFO to step down
High Street retailer Marks & Spencer on Monday said chief financial officer Humphrey Singer had decided to leave the company after only 14 months in the job.
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No departure date had been set and Singer would work with chief executive Steve Rowe”to ensure an orderly transition”, the company said in a statement.
AJ Bell investment director Russ Mould said Singer's departure was "the latest red flag from a business struggling to keep itself relevant in the modern retail world".
“Having only joined in 2018, Singer’s exit could suggest there are tensions in the boardroom as the retailer tries to sharpen its proposition," he said.
“Chief executive Steve Rowe has been fairly aggressive with plans to close underperforming stores and reshape the business, but his patience levels are clearly being tested given how Marks & Spencer’s profit is still falling.”
Singer follows M&S clothing chief Jill McDonald, who left the firm two months ago.