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Primark owner Associated British Foods PLC on Thursday said it has appointed Marks & Spencer Group PLC's Eoin Tonge as its next finance director.
Tongue has been chief financial officer at M&S for the past two years. Back in May, he also picked up enhanced responsibilities as chief strategy officer following the departure of Chief Executive Officer Steve Rowe.
The London-based clothing, homeware and food retailer said it will kick off a search for a replacement. It added that Tonge will serve his notice period, which includes the firm's interim results in November.
Prior to this role at M&S, Tonge was CFO of Greencore Group PLC from 2016 to 2020 and, before that, was managing director of Greencore's grocery division and chief strategy officer.
At AB Foods, Tonge will take over from John Bason by ‘no later than February 2023’. An official date is yet to be agreed.
After stepping down from the AB Foods board, Bason will become chair of a ‘newly constituted’ strategic advisory board and senior advisor of its retail business, Primark Ltd. AB Foods added that he will stay on as finance director until the end of April 2023 to ensure a smooth transition.
Alongside the announcement, AB Foods said that it continues to trade in line with its expectations and its full year outlook remains unchanged.
AB Foods Chief Executive Officer George Weston said: ‘I'm delighted to welcome Eoin to AB Foods. His extensive knowledge and experience of both retail and food industries along with his energy and broad understanding of business make him an ideal successor to John as finance director. I am confident he will make a strong contribution to the senior management team and to the business.’
Shares in AB Foods were up 0.9% to 1,692.50 pence each in London on Thursday morning, meanwhile M&S shares were down 1.7% to 141.00p each.
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