Marks & Spencer names new Interim Chief Financial Officer
Marks and Spencer has announced the appointment of Jeremy Townsend as its new Interim Chief Financial Officer, commencing 22 November 2022.
Townsend has held senior financial and non-executive roles across several public companies and was most recently Group CFO at Rentokil Initial. In his new role, Townsend will report into Marks & Spencer CEO, Stuart Machin.
Machin said: “I am very pleased to welcome Jeremy to our leadership team. Over the last three years we have built a strong finance team, and Jeremy will be an excellent addition, bringing with him a wealth of financial leadership experience, as we accelerate our plans to reshape M&S for growth.”
Marks & Spencer has also confirmed that Eoin Tonge will step down from the board on 9 December 2022, and will leave the business on 19 January 2023, ensuring a thorough handover to Townsend.
Earlier this month, M&S warned over a “gathering storm” ahead as it forecast a steep slump in customer demand next year and said more price hikes are on the way.
The retailer said while sales were so far proving resilient and customers are “determined” to spend over Christmas, trading will become much tougher in the new year as the cost-of-living crisis hits hard.