M&S finance boss to take on top role at Punch

Ian Dyson will replace Giles Thorley as chief executive at Punch – the UK's biggest pub company.

His decision to leave M&S comes just a day after the retail giant welcomed its new boss Marc Bolland on board.

Mr Dyson – who was one of the internal contenders for Mr Bolland's job – said while the timing of a departure announcement was "never perfect", the opportunity at Punch was one he could not pass up.

He said: "My background in leisure makes Punch a very exciting opportunity and one I couldn't ignore.

"It also makes great use of all my leisure and retail experience and means being the chief executive of a public company."

Mr Dyson, who has yet to agree a leaving date with M&S, joined M&S as group finance director in June 2005, becoming group finance and operations director in March 2006.

He was previously finance director of gaming firm The Rank Group and before that group financial controller of the Hilton Group hotel chain.

Mr Dyson had been seen as one of the front runners to succeed Sir Stuart Rose as chief executive at M&S.

Sir Stuart, who has now moved to the role of non-executive chairman at M&S, said: "We understand Ian's decision and recognise the opportunity ahead of him."