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Mr Porter, who was hired from BT with much fanfare as customer propositions director, is not being replaced directly.
Panmure Gordon analyst Anna Barnfather said: "Greggs' recent trading results give reason for caution, especially as we believe that the customer propositions of the two brands are converging – Costa becoming 'value', Greggs pushing breakfast and coffee and increasingly seen in the same service stations, travel hubs and high streets".
"Overall, one gets the sense that HSBC is busy tightening the ship – getting costs screwed down, refining their customer propositions, and making sure that their various regulators are happy – so that they are best-positioned for the global recovery," said Sandy Chen, analyst at Cenkos.
He said: "These actions include refocusing the way the group's three brands – Accessorize, Monsoon Ladies and Monsoon Children – are operated in the UK, with different strategies to address their distinct core customer propositions, continuing to reshape the UK property portfolio, and reshaping the international business for the future".
This combination of a large market with engaging and diffferentiated customer propositions will enable the emergence of many billion dollar businesses that will not only deliver value to shareholders, but will also make India a better place," he added.
He added: "While the economic backdrop remains uncertain, we are confident that the strong capital position of the Group, the demand for our attractive customer propositions and the continued improvements in operational and capital efficiency mean that we are well on track to achieve an ongoing improvement in financial performance".
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"They are based around the customer proposition.
This includes our suppliers, our competitors and our clients, via our Women in Business customer proposition.
Those cost savings need to be ploughed back into the customer proposition.
The company said: "Ocado is always looking for ways to enhance its customer proposition through the development of industry-leading and proprietary technology.
He has to simplify the customer proposition – make promotions less complicated, edit the range and reassess the value of Clubcard and Price Promise.
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