Primark owner Associated British Foods has nabbed Marks & Spencer’s CFO Eoin Tonge for its top finance job.
Associated British Foods said that its current finance director John Bason will step down from the board, with Tonge stepping into his shoes no later than February 2023.
Tonge also holds the position of chief strategy officer at M&S, as well as the position of chief financial officer, which he has had since June 2020.
“It’s never an easy decision to leave a great business like M&S,” Tonge said.
“However, the opportunity has knocked for me to take on a new financial role across a diverse portfolio of businesses,” he said.
After departing from the ABF board, Bason will become chair of a freshly created strategic advisory board for Primark.
The board will offer Primark boss Paul Merchant external expertise, including members selected for “specific and relevant areas of expertise.”
George Weston, ABF chief Executive said Tonge’s “extensive knowledge and experience of both retail and food industries” was part of what made him an “ideal successor” to Bason.
“The environment in which Primark operates is becoming increasingly complex, presenting the business with substantial opportunities for growth,” he explained.
The new board would support Primark’s leadership “as they examine these opportunities to develop and grow the business,” Weston added.