Marks & Spencer Share News (MKS)

LONDON (Alliance News) - Marks & Spencer Group PLC announced on Thursday that Director of Food Andy Adcock will leave the company at the end of April and said that Stuart Machin, current chief executive officer at Steinhoff UK, will join the board instead.

The retailer, which also sells clothing and homewares, said that Machin will join M&S in late April. Prior that, Machin has worked across the sector for over 30 years, leading and executing retail transformation in both the UK and in Australia.

In the UK, Steinhoff owns Poundland, Harveys Furniture and Bensons for Beds.

Shares in Steinhoff - a South African retailer which has its primary listing in Frankfurt - have dropped 90% since the beginning of December, after Chief Executive Markus Jooste resigned with immediate effect amid allegations of irregularities in the company's accounts.

M&S said that Machin will be working closely with Sharry Cramond, newly appointed food marketing director, to help accelerate M&S business-wide transformation plan.

M&S Chief Executive Officer Steve Rowe said: “We face challenges in our food business and we have lots to do to change, fast. Stuart is an excellent addition to our team. He gets food retailing and he has first class experience of driving change in big food retailers. At M&S we need to sharpen our prices, improve our products, drive profitability and grow market share – Stuart is the right leader to get on and deliver these changes.”

Machin said: “My heart lies in Food retail and I am excited to bring my passion for dynamic, customer-led Food retailing to M&S. The business has many reasons to be proud of its Food offer but there are also opportunities and lots to deliver under the transformation plan that Steve has laid out. I am looking forward to joining the team."