Marks and Spencer Group PLC (LSE:MKS) chief executive Steve Rowe is to step down after six years in the role.
He will leave on 25 May, when the retailer’s full-year results are released. He will be succeeded by Steve Machin and Katie Bickerstaffe, who will operate jointly. Machin will take on responsibility for day-to-day leadership of the business and the executive committee while continuing with his current responsibilities, which include the leadership of the Food business. Bickerstaffe will be in charge of “driving the global omnichannel, digital and data future”, M&S’s statement said.
We’ve appointed a strong new leadership team to accelerate the progress of our transformation. Following the announcement that Steve Rowe will stand down as CEO of M&S, we’re moving to implement our planned succession process: https://t.co/EOGe7Lc7c7 pic.twitter.com/XE84teWemJ
— M&S News (@MandSnews) March 10, 2022
Bickerstaffe will rejoin the company’s board, having previously been a non-executive director. She is also currently a non-executive director of housebuilder Barratt Developments PLC (LSE:BDEV).
Marks and Spencer said that Rowe’s departure was part of a planned succession programme and that Rowe would remain as an adviser to the new leadership for up to 12 months after leaving the company.
"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,” said Archie Norman, the chair of M&S.
“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. As we move into the next growth phase, he leaves a very strong team to take the business forward,” Norman said.
Steve Rowe is to pass on the baton after 6 successful years as CEO of M&S and will stand down at our preliminary results on 25 May as part of our planned succession programme: https://t.co/mL2ubwDA3B pic.twitter.com/V09Rbv50nN
— M&S News (@MandSnews) March 10, 2022
In other management moves, board member Eoin Tonge becomes chief strategy & finance officer in addition to his current responsibilities; he will play an enhanced role in leading the future development of the business.
Shares in Marks & Spencer were down 1.1% at 156.7p in afternoon trading.
Steve Rowe...turnaround yes to an extent, but paid a massive premium to get into online food, a great many stores closed to salvage the cost base, shares off by about 58% since he took over...not quite the legacy I'd be shouting about
— Neil Wilson (@marketsneil) March 10, 2022