Marks and Spencer drops as CFO announces resignation

FTSE 250 supermarket chain Marks and Spencer (LON:MKS) has seen its share price drop by 2.58% to 190.80p (as of 13:50 BST) following the announcement that Chief Financial Officer Humphrey Singer would be leaving the business. A departure date has not yet been set and Mr Singer will be working with the CEO and the board to ensure an orderly transition.

CEO Steve Rowe commented: “Humphrey has been a huge asset to the business. He has helped to establish the foundations of our transformation with a stronger balance sheet, robust financial controls and a much keener focus on reducing our cost base. In addition, he was a critical part of the team which guided Marks & Spencer through the deal to create our joint venture with Ocado and subsequent equity raise. I look forward to continuing to work with him as we search for his successor“.