M&S appoints cost-cutter as finance chief

Mr Stewart, 50, will be the right hand man to new chief executive Marc Bolland, who joined in May from Bradford-based grocer Wm Morrison and is due to outline his long-term strategy for the 126-year-old group in November.

Marks & Spencer has been hit by competition from discount clothing chains like Primark and has admitted it was also too slow to adapt its upmarket food business to recession-hit customers.

It has recently fought back, helped by new clothing ranges such as Indigo and cheaper "wise buys" in food but many analysts think it needs to go further, and faster, in its plans to become a more streamlined and efficient business. Mr Stewart was known as a cost-cutter even before his time at WH Smith and Execution Noble analyst Caroline Gulliver said he was a sharp character who might prove to be the gross margin and cash-conscious foil to Mr Bolland's marketing prowess.

Mr Stewart is currently finance director of aircraft leasing company AWAS, and will join M&S at the end of October. He worked at WH Smith from 2005-8, helping to implement the recovery plan of chief executive Kate Swann.

Mr Bolland commented eysterday: "Alan has an impressive track record and will be joining us with extensive experience of retail and other highly competitive industries including travel and banking."