M&S appoints new finance chief

Struggling retailer Marks & Spencer completed another piece in the jigsaw of its new-look management team today by recruiting a new finance chief.

The group said it had appointed 42-year-old Ian Dyson to replace departing finance director Alison Reed.

Mr Dyson has been the finance chief at Rank Group since 1999 and has played a major role in refocusing the former film-maker, M&S said.

M&S said Mr Dyson’s experience in restructuring businesses would be important in rebuilding the fortunes of the retailer, which cut its annual profit forecasts in January after a bout of heavy price-cutting to clear excess Christmas stock.

Chief executive Stuart Rose described Mr Dyson as “young and energetic”. “With this appointment, we are building the team for the long term,” he said.

Today’s appointment leaves only the post of chairman to be filled on the company’s board.

There had been speculation that interim chairman Paul Myners, who is due to step down from the job in July, could take it on a permanent basis.

An M&S spokeswoman today declined to rule out that possibility, saying only: “We would not comment either way.”