Marks & Spencer finance and strategy supremo Eoin Tonge is stepping down to join Associated British Foods (ABF), the parent company of fashion rival Primark.
Tonge has been appointed as ABF’s new chief financial officer to succeed John Bason who is retiring.
M&S said Tonge will continue supporting the business until its interim results in November. He is expected to join ABF no later than February 2023, though his start date is yet to be formally agreed upon.
Tonge was only promoted to the joint role of chief financial officer and chief strategy officer at M&S in May, following the departure of former chief executive Steve Rowe.
Tonge, who initially joined M&S from Greencore as finance chief in June 2020, was seen as a key cog in the new senior leadership structure alongside boss Stuart Machin and co-CEO Katie Bickerstaffe.
ABF chief executive George Weston said Tonge would bring “extensive knowledge and experience of both retail and food industries” to the group.
Tonge said: “ABF has a prestigious heritage, a strong sense of purpose and an exciting portfolio of diverse businesses. I am looking forward to working with the management teams to meet the challenges ahead and drive growth.
“It’s never an easy decision to leave a great business like M&S. However, the opportunity has knocked for me to take on a new financial role across a diverse portfolio of businesses. Behind every great business, there are, of course, great people and I’m incredibly proud of the outstanding team we’ve built.”
M&S chair Archie Norman said: “Eoin has made a great contribution to the transformation of M&S, bringing quality and rigour to the finance function and building a very strong team. Our financial controls, reporting and financial discipline are in a far stronger place than when he arrived. Under his guidance, we have restored the balance sheet and created a strong platform for the next phase.”
Weston went on to hail Tonge as an “ideal successor” to Bason who will remain as finance director until April to ensure a “smooth transition”.
Bason will become chair of a newly created Primark strategic advisory board, providing expertise to boss Paul Marchant and his senior team.
ABF said the board will have members “chosen for specific and relevant areas of expertise” but would not play a role in governance. Primark’s financial and operational reporting relationship with ABF is unchanged.
Marchant said: “John has been a longstanding and trusted colleague and I am excited by the opportunity to work with him in his new role. I know he’ll bring his wide-ranging experience to help shape the direction of the Primark strategy.”
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