Ian Dyson yesterday made the shock announcement that he will leave the firm to become chief executive of Punch Taverns, the UK’s biggest pub chain.
Dyson was passed over for the top job at the firm but the news still came as a shock.
A leaving date has not been set and it is understood Dyson will have to work up to six months notice at M&S.
Punch Taverns has been searching for a new chief executive since announcing incumbent Giles Thorley would step down after seven years at the head of the business in March.
Punch said it expects an “orderly transition” when Dyson starts his new role.
M&S named supermarket chain Morrison’s Marc Bolland as its next leader last November but was forced to wait until Tuesday before he could take up the roll.
Shares in M&S fell by 2.5 per cent to 352p, while shares in Punch Taverns gained 0.9 per cent to 86.2p.
IAN Dyson caused a stir yesterday when it was announced he will take the helm at Punch Taverns.
He has served as finance director at Marks & Spencer since 2005 and was promoted to finance and operations director in 2008.
He was formerly finance director of The Rank Group and before this group financial controller of Hilton Group.
He joined Hilton from Le Meridien, a division of Forte, where he had also been finance director.
His early career was spent with Arthur Andersen, where he qualified as a chartered accountant in 1986 and was promoted to a partner of the firm in 1994. He was a non-executive director of Misys until September 2005.
Punch Taverns will be his first chief executive position. He will have to serve a notice period of six months at M&S.