* CFO Singer to leave M&S
* Struggling retailer has lost place in FTSE 100
* Search for a replacement CFO under way
(Adds CEO quote, background)
By Bhargav Acharya and Sabahatjahan Contractor
Sept 21 (Reuters) - Marks & Spencer Group Plc said
on Saturday its chief financial officer, Humphrey Singer, was
stepping down after little more than a year, a further setback
as the retailer is demoted from Britain's leading share index.
Singer, who joined from electricals retailer Dixons Carphone
in 2018, will work with Chief Executive Steve Rowe on
the succession process, the company said.
Marks & Spencer, a 135-year-old firm that is one of the
biggest names in British retail, has struggled to compete
effectively on clothing with the likes of Zara and H&M, and will
be relegated from London's FTSE 100 index of leading shares with
effect from Sept. 23 because of its declining market valuation.
It has built up a well-regarded food business that seeks to
combine convenience and indulgence.
This now accounts for more than half of its annual revenue
but margins have come under pressure from the march of discount
chains, and M&S has reported three straight drops in annual
profits..
"After eighteen months of working with Steve to lead the
transformation strategy and rebuild the finance function, I have
decided that now is the right time to move on," Singer was
quoted as saying in a company statement.
Singer's exact departure date has not yet been decided and
he will continue with his responsibilities until it is
confirmed, the retailer said.
"Humphrey has been a huge asset to the business ... I look
forward to continuing to work with him as we search for his
successor," chief executive Rowe said.
Singer's abrupt departure follows the sacking of clothing,
home and beauty managing director Jill McDonald in July, after
which CEO Rowe took direct control of the division.
In its latest turnaround plan, M&S has been closing weaker
stores, revamping ranges and investing in online sales.
Its boldest move yet was striking a 1.5 billion pound joint
venture with online grocer Ocado to give M&S a home
delivery service for food.
(Reporting by Bhargav Acharya and Sabahatjahan Contractor in
Bengaluru; Editing by Keith Weir and Kevin Liffey)
Ocado (OCDO)
Marks & Spencer (MKS)