REG - Marks & Spencer Grp - Directorate Change

Marks and SpencerAnnouncement

11/02/2020 07:00

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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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