Britain’s M&S names former Rentokil exec as interim finance chief

Nov 18 (Reuters) – Britain’s Marks and Spencer (M&S) (MKS.L) on Friday named former Rentokil (RTO.L) government Jeremy Townsend as its interim chief monetary officer, days after the clothes and meals retailer mentioned its annual income would fall amid a cost-of-living disaster.

Townsend, 58, will take over from Eoin Tonge early subsequent yr at a time when British customers try to navigate rising vitality and grocery payments, in addition to greater mortgages and rents.

Shares of the corporate, which this month warned of a “gathering storm” of upper prices and stress on family budgets, have been up 2% at 123.15 pence by 1106 GMT.

“Jeremy can be a wonderful addition, bringing with him a wealth of monetary management expertise, as we speed up our plans to reshape M&S for progress,” M&S Chief Government Stuart Machin mentioned in an announcement.

The corporate didn’t say why Townsend was being appointed on an interim foundation, nor how lengthy he was anticipated to serve.

Townsend has labored in varied finance roles. The British businessman retired as finance boss at pest management agency Rentokil in 2020 after about 10 years within the position and has additionally labored with pub operator Mitchells & Butlers (MAB.L).

M&S in July mentioned Tonge can be quitting the corporate to move to AB Meals, proprietor of finances style chain Primark.

Individually on Friday, AB Meals (ABF.L) mentioned Tonge would be a part of the corporate as its finance director designate on Feb. 6.

Townsend will begin in his new position at M&S on Nov. 22.

Reporting by Radhika Anilkumar in Bengaluru; Modifying by Anil D’Silva and Mark Potter

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