Marks & Spencer PLC (LON:MKS) finance director Humphrey Singer is to leave the retailer.
No date has been given for his departure but after 18 months in the job Singer said he feels it is time to move on.
Marks said he will carry on his duties until a successor is found.
Steve Rowe, chief executive, said Singer had helped put Marks’ balance sheet on a firmer footing and had been a critical part of the team behind the joint venture with Ocado and the subsequent equity raise.
Shares in the high street icon area at a five-year low as it has struggled to fight off online competition and weak sales in its crucial clothing operation.
Today it was confirmed that Marks & Spencer will also lose its spot in the FTSE100 having been one of the original members when the index was set up in 1984.
Its demotion was confirmed earlier this month.