The British retail chain Marks & Spencer (M&S) has to look for a new financial director again. Humprey Singer announced his departure, approximately one and a half years after his appointment. He will stay on until a successor is found.
The departure of Singer raises further questions about M&S’s cost-saving program and the company’s plan to focus more on the supermarket sector. The company wants to save £ 350 million within two years. To achieve this, the company will close at least 110 stores. Possibly that will be more.
The departure of Singer further fuels the concerns of investors. M&S has been struggling with declining profitability for years. In addition, M&S recently relegated from the leading FTSE 100 of the London stock exchange. The company, which entered into a partnership with Ocado online supermarket earlier this year, already lost a third of its market value this year.
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