Blow for Bolland as Dyson resigns from M&S
Marc Bolland was dealt an early blow as boss of Marks & Spencer with the surprise resignation of finance chief Ian Dyson.
Going: Finance chief Ian Dyson has left Marks & Spencer in turmoil
Just a day after he officially joined the retailer, his number two caused turmoil by announcing he is defecting to Britain's biggest pubs group.
Dyson will replace Giles Thorley as chief executive of embattled Punch Taverns where his job will be to reduce the firm's crippling £3.3bn debt mountain.
Thorley announced in March he would be stepping down after ten years at the helm. Shares in Marks & Spencer fell 9.60p to 351.20p while Punch was flat at 85p.
Dyson was one of the internal contenders for Bolland's job. There had been speculation over whether he and colleagues Kate Bostock, head of clothing, and John Dixon, who manages the food operation, would stay.
Dyson said while the timing of a departure announcement was 'never perfect', the opportunity at Punch was one he could not pass up.
A former finance director at Rank and Hilton, Dyson said: 'My background in leisure makes Punch a very exciting opportunity and one I couldn't ignore. It also makes great use of all my leisure and retail experience and means being the chief executive of a public company.'
Dyson, who has yet to agree a leaving date with M&S, joined the company as finance director in June 2005, and is on a six month notice period.
Executive chairman Sir Stuart Rose said: 'We understand Ian's decision and recognise the opportunity ahead of him.' Dyson will inherit something of a poisoned chalice with Punch which has limped through the downturn.
It has issued a series of profits warnings and has been forced to sell large chunks of its estate to avoid haemorrhaging cash.
Dyson is seen as something of a financial engineer. But sources close to the firm say he has been hired for his operational experience.
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