Powers-Freeling to step down from board
Marks & Spencer has completed the sale of the holding company that runs M&S Money to HSBC for£762 million. The retailer said this is£224 million above the net asset value of the business recorded on April 3, this year.
Under the terms of the sale, the retailer will receive 50 per cent of the profits of M&S Money after tax and operating and capital costs.
M&S Money chief executive Laurel Powers-Freeling will step down from the group board as a result, but will stay on to oversee the transition of the business. She is expected to leave the company by the end of the financial year.
M&S chief executive Stuart Rose said: 'Laurel has achieved a great deal in developing our financial services business, most significantly the very successful launch of the &more card.'
No comments yet