M&S is reacting to the tight financial climate by recruiting a new Finance Director with a proven track record in cost cutting, Alan Stewart. Stewart , who previously held a similar position with retailer WH Smith, will be taking over from the current FD Ian Dyson. The deal has been made sweeter with a reported £300,000 golden “hello” bonus, on top of an annual £500,000 salary.
Marks & Spencer is currently undergoing a real boardroom shuffle and recently appointed a new Chief Executive who is said to be receiving a package of up to £15m.
M&S will be seeking to streamline all aspects of its operation, and many believe Stewart is the ideal man for the job. In addition to his role with WH Smith he has also worked with Thomas Cook and HSBC. He will take up his new job with Marks and Spencer in October 2010.
