(Alliance News) - Marks & Spencer Group PLC on Thursday announced the departure of Chief Executive Officer Steve Rowe, making internal appointments to replace him as part of a "planned succession programme".
Rowe joined the London-based clothing, homewares and food retailer straight out of school at age 15 and has been CEO since 2016. He will stand down from the role at M&S's annual results release on May 25 and leave the company at the annual general meeting on July 5, while remaining an adviser for up to another 12 months.
The company promoted Stuart Machin to chief executive, responsible for day-to-day leadership of the business and of its executive committee. Machin will keep his current brief, which includes running the M&S Food business, plus the company's Operations, Property, Store Development and Technology functions.
Katie Bickerstaffe will become co-chief executive, focused on the digital business. Bickerstaffe will continue to run Clothing & Home, plus International and Financial Services. Bickerstaffe in 2020 had moved into her executive role from being an M&S non-executive director and now will rejoin the board as an executive director.
Chief Financial Officer Eoin Tonge will become chief strategy & finance officer.
Commenting on Rowe's departure, Chair Archie Norman said: "Steve has been a magnificent servant of M&S, putting his heart and soul into the job. Coming from the shop floor to lead the business, he epitomises our values and has lived and breathed M&S for so many years...The M&S he took over was in parlous shape and throughout my tenure he has been fearless in grasping the nettles and facing into the challenges and has delivered massive progress."
M&S shares were down 1.2% at 156.55 pence Thursday afternoon in London.
By Tom Waite; thomaslwaite@alliancenews.com
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Marks & Spencer (MKS)