Marks & Spencer share price dips as CFO steps down

Marks & Spencer Group’s (LON:MKS) share price has fallen deep into the red in London this morning as the company announced that its finance chief had decided to step down. The news marks another blow for the high street retailer which was booted out of the benchmark FTSE 100 index earlier this month.

As of 09:13 BST, Marks & Spencer’s share price had given up 3.63 percent to 188.75p. The retailer’s shares have given up more than 30 percent of their value over the past year.

M&S finance chief steps down

Marks & Spencer announced in a statement this morning that its chief financial officer Humphrey Singer had decided to leave the business and a succession process was now underway. The retailer noted that Singer will now work with CEO Steve Rowe and the board to secure orderly transition. The company added that it will confirm a departure date in due course.

Rowe commented in the statement that Singer had “been a huge asset to the business” and he was also “a critical part of the team which guided Marks & Spencer through the deal to create our joint venture with Ocado and subsequent equity raise”.

Reuters noted in its coverage of the news that Singer’s departure comes after clothing, home and beauty managing director Jill McDonald abruptly left the company in July, with CEO Rowe taking direct control of the division.

Analysts on high street retailer

Peel Hunt reaffirmed the London-listed retailer as a ‘buy’ today, without specifying a target on the Marks & Spencer share price, while Liberum Capital remains bearish on the stock with a ‘sell’ rating. According to MarketBeat, the company currently has a consensus ‘hold’ rating and an average valuation of 239.38p.

Marks & Spencer is due to post its half-year results on November 6.