Alison Reed steps down as FD at M&S
Alison Reed, one of the few remaining female finance directors in the FTSE100, is to step down from her job at Marks & Spencer, after the company announced disappointing interim results.
The six-month profits to 2 October of £292.7m, down from £325m a year ago, prompted the company to instigate a management shake-up that will see the number of executives on its board reduced from six to three.
Reed, who has spent 20 years with the company – three as FD – is to stay on until February 2005 to help smooth the transition. The other board members to go are Maurice Helfgott, Mark McKeon and Laurel Powers-Freeling.
The departure of Reed will leave only three female finance directors in the FTSE100, Margaret Ewing at BAA, Helen Weir at Lloyds TSB and Rona Fairhead at Pearson.