Marks & Spencer Executive Resigns

Marks & Spencer (London) confirmed that Laura Wade-Gery, its multichannel executive director, will not be returning after maternity leave.

Wade-Gery was considered to be next in line to head the department store chain, reports The Guardian. She will receive a payoff worth up to £2.4m in cash and shares, depending on company performance, as well as her £569,000 salary in 8 monthly instalments.

Wade-Gery’s resignation is effective at ethe end of September and she will step down from the Board immediately.