Shares in Marks & Spencer Group (LON:MKS) have jumped in London this morning, as the blue-chip retailer announced that it had appointed Dixons Carphone’s (LON:DC) finance chief as its new chief financial officer. The news comes as the FTSE 100 group prepares to update investors on its third-quarter performance tomorrow.
As of 10:28 GMT, Marks & Spencer’s share price had added 1.41 percent to 322.80p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.20 percent higher at 7,746.81 points. The group’s shares have lost more than five percent of their value over the past year, as compared with more than a six-percent rise in the Footsie.
M&S appoints new CFO
Marks & Spencer announced in a statement today that it had appointed Humphrey Singer to its Board as Chief Finance Officer. Singer, who is currently Group Finance Director at Dixons Carphone plc, will take up his appointment on a date to be confirmed.
“As we embark on our five-year transformation programme, Humphrey will be a great addition to the top team,” M&S’ chief executive Steve Rowe commented in the statement. Rowe has been looking to turn around the retailer’s fortunes and improve performance at its clothing division.
Singer’s appointment comes after the blue-chip retailer said in November that its finance chief Helen Weir had informed the company “of her desire to pursue a plural career”.
Investors eye Q3 results
The appointment also comes as M&S prepares to post its results tomorrow. City A.M. reports that any more deterioration in food sales will be worrying for investors, given that M&S’ food has become a strength for the business. In November, Rowe said that the company recognised that it faced “stronger headwinds in Food which will be addressed in the year ahead”.