Marks & Spencer was rocked last night by the abrupt resignation of Ian Dyson as its finance and operations director less than 48 hours after Marc Bolland started as his new boss.
Mr Dyson, 46, is to become chief executive of Punch Taverns, Britain’s largest pub group, on a salary and bonus package below his £1 million M&S package.
The former Rank finance director is also giving up a potential £3.5 million of share options. However, M&S’s recent lacklustre profits mean that the criteria for the award to be paid out were unlikely to have been met.
At Punch, Mr Dyson will be entitled to a long-term incentive package, details of which are still under discussion.
Mr Dyson had been seen as a candidate for