(Alliance News) - Marks & Spencer Group PLC on Tuesday's announced management structure changes in the latest step of the retailer's transformation.
Katie Bickerstaffe and Stuart Machin will be promoted to the roles of co-chief operating officers. Bickerstaffe is currently the group's transformation chief, while Machin heads up its food unit.
"Stuart will continue as Managing Director of Food but also take oversight responsibility for Operations, Property, Store Development and IT. Katie will give oversight to the Data, Services, Clothing & Home and International businesses," M&S added.
Chief Financial Officer Eoin Tonge will take on the role of strategy and transformation planning, as part of his CFO remit.
"Sacha Berendji moves from his current operations role to focus on 'Future Stores' and accelerate the development of our 10X digital stores, store renewal, store rotation and IT," M&S added.
"Richard Price and Paul Friston remain as managing directors of Clothing and Home and International respectively."
These changes are part of the next step on the company's transformation plan, implemented by Chief Executive Officer Steve Rowe to boost the retailer's fortunes.
M&S shares were 0.4% higher at 156.70 pence each in London on Tuesday afternoon.
M&S endured a testing time even before the pandemic. In 2019, it was relegated from the FTSE 100 index. It was a founding constituent of the list of London's top-tier stocks and had a 35-year stay there.
At its capital markets day in 2019, bosses at M&S expressed disappointment that significantly more action was needed to take place in its long-suffering clothing division to get it back on track.
By Eric Cunha; ericcunha@alliancenews.com
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Marks & Spencer (MKS)