Marks & Spencer Appoints Interim CFO — Retail Bum

Marks and Spencer has appointed former Rentokil executive Jeremy Townsend as its interim finance chief.

The appointment comes days after the British retailer announced that the rising cost of living and energy costs were taking a toll on its business.

In its last earnings report, the retailer saw a 24% decline in profit before tax to $243 million for the six months leading to October, which was slightly better than analysts’ expectations.

“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,” M&S Chief Executive Stuart Machin said in a statement.

Townsend brings years of experience serving in various financial roles. In 2020, he retired as finance chief at pest controller Rentokil after serving ten years in the role. He has also previously worked for the British pub chain owner Mitchells & Butlers.

He will be taking over the reins from Eoin Tonge, who is leaving the company for a position at AB Foods, the parent company of Primark.

Marks and Spencer did not disclose whether Townsend will eventually be appointed in a permanent position.

Originally published at https://retailbum.com on November 22, 2022.