A day ahead of releasing its crucial Christmas trading update, Marks and Spencer Group Plc (LON:MKS) today announced it has poached the group finance director of Dixons Carphone Plc (LON:DC.) to take over as its chief financial officer.
In a statement, the high street stores giant said Humphrey Singer will take up his appointment on a date to be confirmed. He will replace Helen Weir who, as previously announced, is leaving M&S on March 31 to pursue a portfolio career.
Singer has been group FD of Dixons Carphone since 2014 following the merger of Dixons Retail with Carphone Warehouse Group, having been appointed group finance director of Dixons in 2011.
Steve Rowe, M&S’s chief executive, M&S, said: "As we embark on our five-year transformation programme, Humphrey will be a great addition to the top team. His experience as part of the team that led Dixons through its period of change and migration to multi-channel retailer is most relevant to what we are undertaking here.
“This, coupled with his retail expertise and eye for detail and cost, will be very important to our team dynamic as we move forward."
Trading news awaited
US broker Jefferies International is looking for M&S’ fiscal third quarter like-for-like sales to be 3% lower year-on-year in the Clothing & Home division and down 1% in Food.
In November, M&S signalled that it will accelerate stores closures in an effort to make cost savings as it reported a 5.3% decline in profits in the six months to 30 September.
UK like-for-like sales fell by 0.3%, including a 0.1% drop in food sales and a 0.7% decline in the struggling clothing and home division.