Marks & Spencer loose a big boss

The finance director of Marks & Spencer has quit just one day prior to the new chief executive taking control of the company.  Ian Dyson, who was the leading candidate for the position taken by Marc Bolland has chosen to leave in order to take on the position of chief executive of Punch Taverns.

Bolland, did not know about Dyson’s resignation until it was officially submitted this week, and his departure will toss an obstacle in Bolland’s path as he starts his tenure with M&S.

Dyson, who was with M&S since mid 2005 stated that although the timing of his resignation is not the best, his background in leisure management made the opportunity at Punch Taverns too exciting to pass over.

Dyson, who received an annual salary of £675,000 at M&S has a six month contract that may force him to work at the retailer up until October.  His departure has brought back speculation among those in the finance world that Morrisons finance director, Richard Pennycook, may be tapped to take his place although it is not likely that he would be willing to change companies.

This is due to the fact that the two companies have a non-poach agreement that lasts for six months and Pennycock just received new share awards last January in order to keep him at the company.

Over at Punch Taverns Dyson will be taking the place of Giles Thorley who announced in March that he would be leaving the company.  Prior to working for M&S he was the Rank Group finance director and before that the Hilton Group financial controller.