(Alliance News) - Marks & Spencer Group PLC on Thursday said Chief Executive Steve Rowe will be taking over leadership of the company's Clothing & Home business to "address long-standing issues".
Rowe will be taking over the responsibilities of Jill McDonald, who departs as managing director after almost two years in the role. Rowe will assume "the leadership of the business directly in the near term".
The CEO said: "The business now needs to move on at pace to address long-standing issues in our Clothing & Home supply chain around availability and flow of product. Given the importance of this task to M&S I will be overseeing this programme directly."
In its financial year to the end of March, M&S's UK Clothing & Home division reported a 3.6% revenue decline to GBP3.54 billion, while UK Food was down 0.6%. Overall revenue fell 3.0% during the year to GBP10.38 billion from GBP10.70 billion.
Shares in the homeware, clothing and food retailer were down 0.2% at 207.60 pence on Thursday afternoon.
Marks & Spencer (MKS)