Marks & Spencer director of food Steven Esom has left the retailer as it announced a 4.5% drop in food sales. He will leave with immediate effect and has been replaced by director of home and M&S Direct, John Dixon.
The drop in food sales is it biggest decline since 1998 and its share price has plummeted by at least 22% as a result of the update. It also reported a 5.4% decline in overall sales for the 13 weeks ended June 28.
Stuart Rose, M&S executive chairman, told analysts that “consumers are feeling the pinch” and that the latest slow dowm In sales started about three weeks ago. It prompted the retailer to bring its update forward by week.
Esom joined M&S last year from Waitrose, where he was managing director (MW April 6, 2007). He was replaced by John Lewis Partnership veteran Mark Price.