Director of Marks & Spencer Group (M&S), Andrew Fisher, has announced his resignation from the retailer’s board after being informed about the hiring of a new finance chief from another company he chairs. Mr. Fisher, a long-standing non-executive director at M&S, was blindsided by the news that Alison Dolan, a former executive at Sky News’ parent company, would be joining M&S as its chief financial officer.
According to sources, Mr. Fisher, who has been the chairman of Rightmove since 2020, was only made aware of the recruitment process at a late stage. This news prompted his resignation from the M&S board on Tuesday last week. The following day, M&S officially announced the appointment of Ms. Dolan as its new finance chief.
Mr. Fisher has been a member of the M&S board since December 2015 and was approaching the nine-year term limit for independence under Britain’s corporate governance code. He has also served as the senior independent director for several years, playing a crucial role in the board’s successful turnaround strategy for the iconic British retailer.
Sources close to Rightmove stated that while Mr. Fisher’s tenure at M&S was coming to an end, the situation surrounding Ms. Dolan’s hiring made his position on the board “untenable”. As a result, Mr. Fisher will step down early next month and will not seek re-election at the M&S annual shareholder meeting.
In its official statement, M&S confirmed that interim finance chief Jeremy Townsend would remain in his position until May 2025, with Ms. Dolan’s start date to be announced at a later date. It is unclear if Rightmove will retain Ms. Dolan for the full duration of her contract, as it is uncommon for a non-competing company to hold an employee for such a long period.
Sources downplayed any potential animosity between M&S and Rightmove as a result of Ms. Dolan’s recruitment, but acknowledged that it was not an ideal outcome for Mr. Fisher. This development is the latest in a series of changes within M&S’s management, with co-CEO Katie Bickerstaffe also stepping down from her role, leaving Stuart Machin as the sole executive in charge.
On Wednesday, M&S’s shares were trading at approximately 308p, giving the company a market valuation of just over £6bn. Meanwhile, Rightmove’s market capitalization stands at approximately £4.25bn. Both M&S and Rightmove declined to comment on the matter.
