M&S finance chief appointment welcomed

Stewart, 50, replaces Ian Dyson and will join the food and fashion giant by the end of October.

At present he works for private equity-backed aircraft leasing firm AWAS but was at bookseller and stationer WHSmith from 2005 until 2008. At WHSmith, M&S said “he played a key role in delivering the group’s improved performance”.

M&S chief executive Marc Bolland said: “Alan has an impressive track record and will be joining us with extensive experience of retail and other highly-competitive industries.”

Stewart said: “M&S is one of the UK’s strongest retail brands. I’m delighted to be joining and returning to the retail sector.”

Credit Suisse analyst Tony Shiret, who has been an outspoken critic of M&S during the tenure of Sir Stuart Rose - Bolland’s predecessor as chief executive and still chairman - welcomed Stewart’s appointment.

Shiret said: “He seems to be in the zone. He’s the sort of person you want - experience of retail, turnaround of deeply damaged brands, a good team player, good on the numbers and with a significant background on cost control.”