M&S has promoted joint chief operating officers Stuart Machin and Katie Bickerstaffe as co-chief executives at M&S, as boss Steve Rowe steps down after six years at the helm.
Machin will take on responsibility for day-to-day leadership of the business and the executive committee. He will continue to oversee leadership of the food business as well as operations, property, store development and technology. He will also look after HR and corporate communications.
Bickerstaffe, who is also a non-executive director at Barratt Developments, will have a particular focus on driving the retailer’s global omnichannel, digital and data strategies. She will retain her existing portfolio including responsibility for clothing and home, MS2, international and financial services.
The duo will join the board on 25 May. Meanwhile chief financial officer Eoin Tonge will become chief strategy and finance officer.
Rowe’s exit forms part of a “planned succession programme” at the retailer. He will cease full-time employment with the business on 5 July, but will remain as an adviser to the new leadership team for up to 12 months.
Rowe oversaw far-reaching changes in organisation structure and management during his time at M&S, including more than 60 store closures as part of efforts to address its legacy store estate.
He joined the business from school at the age of 15 and rose through the ranks, serving in multiple leadership roles before he took over as chief executive in 2016.
Rowe said: “It has been an enormous privilege to lead the business I love and have spent almost all my career working for. Leaving will be in many ways very difficult for me, but I feel that after six hard years it is the right time to pass on the baton.
“I am enormously grateful for the support I have had in driving through the extraordinary transformation programme of the past few years from shareholders, the board, but most of all the many thousands of colleagues in the business. A piece of my heart will always remain with the M&S family, and I feel that we have done many of the hard yards to restore the business to what it should be. I’m proud that I am leaving a very strong team which will lead it into the next growth phase.”
Archie Norman, chairman, 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. He is living proof of the opportunities M&S provides for great people to succeed.
“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. But as someone who has touched so many colleagues across the business over the years, he will be much missed and goes with our huge affection and best wishes.”
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