October 16, 2019 / 9:07 AM / 2 months ago

M&S CFO Humphrey Singer to step down at the end of the year

A Marks and Spencer logo is seen on an advertisement outside of a store in London, Britain, May 23, 2018. REUTERS/Toby Melville/Files

(Reuters) - Marks & Spencer (MKS.L) said on Wednesday its chief financial officer, Humphrey Singer, whose departure was announced last month, will step down on Dec. 31.

Singer’s exit was announced after the company’s clothing, home and beauty managing director Jill McDonald was sacked in July, after which Chief Executive Officer Steve Rowe took direct control of the division.

The company has not appointed a new finance chief yet and a Marks & Spencer spokeswoman declined to comment on who will succeed Singer.

One of the biggest names in British retail, 135-year-old Marks & Spencer has struggled to compete effectively on clothing with the likes of Zara and H&M.

The pay terms of Singer, who joined Marks and Spencer from electricals retailer Dixons Carphone (DC.L) in 2018, will be in line with his service agreement, and he will paid in monthly instalments between Jan. 1 and March 31, 2020.

Reporting by Tanishaa Nadkar in Bengaluru; editing by Vinay Dwivedi

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