Top M&S Executive Defects To High Street Rival
High street stalwart Marks & Spencer has been dealt a blow after its head of menswear quit the firm to become managing director of Sir Philip Green's Bhs department store chain.
In a statement confirming Richard Price's departure, Marks & Spencer said it understood why he wanted to work for the retail billionaire - who has twice tried and failed to buy rival M&S.
"Richard is a talented individual and he has done a great job in menswear," an M&S spokeswoman said.
"His new role as managing director presents a unique and challenging opportunity to take on a wider role including all trading departments as well as stores, e-commerce and property."
The M&S Friday share price dropped more than 3%, down to 326p, on news of the departure to Bhs.
Mr Price's exit from M&S follows several other significant brain drain departures this year, including Andrew Skinner, who was a senior general merchandise director, Susan Aubrey-Cound, who was director of new channels, and Alison Jones, who was a brand director.
Last month M&S posted a 1% fall in profits and slashed its sales growth target.
M&S is due to update on its first quarter trading on July 10, when it also holds its annual general meeting.