Marks & Spencer unveils new finance chief
A former Goldman Sachs banker and chief finance officer for one of the UK’s biggest sandwich-makers has joined Marks & Spencer as its new finance chief.
Eoin Tonge joins the retailer from Greencore, replacing Humphrey Singer, who quit shortly after M&S was ejected from the FTSE 100 last year.
Tonge will receive a basic salary of £600,000 – up from the £428,655 he received at Greencore – when he joins in June.
M&S said he will also receive a pension contribution “on the same terms as all colleagues”. By comparison, chief executive Steve Rowe receives a pension contribution of 25%.
Rowe said: “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.”
Tonge said: “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 finance chief, will remain with the business to support Tonge during a transition period.
At Greencore, which makes sandwiches for the majority of UK retailers, Tonge oversaw the sell-off of the company’s US business and simplified the business. He was also chief strategy officer and managing director of Greencore’s grocery division.
Between 1994 and 2006 he worked at Goldman Sachs in finance markets across London, Hong Kong and New York.
His predecessor, Singer, quit on a Saturday last September, calling it “the right time to move on” after the retailer left the FTSE 100 for the first time in its history.
M&S also bolstered its top team earlier this month, with non-executive director Katie Bickerstaffe appointed chief strategy and transformation director.