) said on Saturday its chief financial officer, Humphrey Singer, was stepping down after little more than a year, a further setback as the retailer is demoted from Britain’s leading share index.
Marks & Spencer, a 135-year-old firm that is one of the biggest names in British retail, has struggled to compete effectively on clothing with the likes of Zara and H&M, and will be relegated from London’s FTSE 100 index of leading shares with effect from Sept. 23 because of its declining market valuation.
“Humphrey has been a huge asset to the business ... I look forward to continuing to work with him as we search for his successor,” chief executive Rowe said.
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