M&S CFO Alan Stewart quits

Marks & Spencer Group (M&S) has announced the departure of Alan Stewart, Chief Finance Officer. Stewart has

stepped down from the board and will leave M&S on a date and on terms to be agreed. The search for his successor is underway.

He is said to be joining the board of Tesco as well as board of drinks giant Diageo as a Non-Executive Director in September. Before joining M&S, Stewart worked at companies including HSBC and WH Smith.

Announcing its results for the first quarter of this fiscal year, Marks & Spencer said that its group sales went up 2.3 percent. Total sales in UK increased over 2 percent with like-for-like growth of over 0.3 percent. Commenting on the results, Marc Bolland, Chief Executive said in the company statement that we have seen a continued improvement in clothing, although as anticipated the settling in of the new M&S.com site has had an impact on sales.