M&S finance chief quits to head up Punch Taverns

Ian Dyson has quit his post as finance director of Marks & Spencer to become the new chief executive of Punch Taverns.

The move is seen as a serious snub to the incoming chief executive of M&S, Marc Bolland, the former Morrisons chief, who only took up his position on Monday.

Bolland is said to have been "shocked and a bit disappointed by the news".

It marks a return to the hospitality and leisure sector for Dyson who has previously held executive roles at Rank and Hilton.

He said: "Although the timing of an announcement of this sort is nver perfect, may background in leisure makes Punch a very exciting opportunity and one I couldn't ignore. It also makes great use of my leisure and retail experience and means being the chief executive of a public company."

It could be some time, however, before Dyson takes up his role as he is on six months notice.

The appointment is seen as a coup for Punch Taverns and an opportunity to get its strategy back in place following the sudden announcement that previous ceo, Giles Thorley, was to leave his post.