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Pin to quick picksMarks & Spencer Share News (MKS)

Share Price Information for Marks & Spencer (MKS)

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UPDATE 1-M&S replaces boss in flagging food business

Thu, 22nd Mar 2018 15:13

LONDON, March 22 (Reuters) - British retailer Marks &Spencer said on Thursday it was replacing food boss AndyAdcock with an executive from Steinhoff, the troubledSouth African retailer, seeking to get the business back ontrack after a year of underperformance.

M&S said director of food Adcock, who has been with theretailer for nine years, would leave at the end of April.

He will be succeeded by Stuart Machin, who will take the newtitle of food managing director. Machin is currently the groupCEO of Steinhoff UK, whose businesses include discount retailerPoundland.

M&S's food business, which is focused at the premium end ofthe market, has reported four straight quarters of like-for-likesales decline - the latest in the key Christmas quarter.

The group re-set its strategy in November, two months afterretail veteran Archie Norman joined as chairman. It said itwould re-position its food offer and slow down openings ofstandalone Simply Food stores.

"We face challenges in our food business and we have lots todo to change, fast," said M&S Chief Executive Steve Rowe.

"We need to sharpen our prices, improve our products, driveprofitability and grow market share."

Rowe said Machin "gets food retailing and he has first-classexperience of driving change in big food retailers."

A 30-year veteran of the retail sector, Machin has alsoworked for Target Australia, Coles Supermarkets Australia,Walmart's Asda, Tesco and Sainsbury's.

At M&S, Machin will have "overall P&L accountability" forall aspects of the M&S Food business and will work closelyalongside clothing & home MD, Jill McDonald, who joined lastOctober.

The food management revamp is the latest in a raft of newyear announcements from M&S. It has already detailed changes toits technology function, clothing and home logistics and foodmarketing.

Shares in M&S, down 18 percent over the last year, were down1.6 percent at 1449 GMT.(Reporting by James Davey; editing by Sarah Young and AdrianCroft)

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