Marks & Spencer names two insiders to share their top work

Steve Rowe will step down as CEO of Marks & Spencer in May after six years on the job, the British retailer chose to continue by selecting two of its senior lieutenants as joint successors.

Rowe, who joined M&S at the age of 15 before his promotion, will step down after the clothing and food retailer reports its annual results on May 25.

His tenure at one of the most celebrated jobs in British business was met with turbulence as he, along with chairman Archie Norman, sought to transform M&S by enhancing the quality and value of its products. clothing and food products, store overhauls and investments. focuses on technology and e-commerce, including a joint venture with Ocado, bringing M&S foods online for the first time.

Has steered the retailer through the pandemic he is out of as hopes are rising that one of Britain’s most elusive turning points could finally materialize after more than a decade of missteps.

M&S stock, closed yesterday at 159 pence, trading at almost £4 when Mr Rowe became CEO in April 2016.

The group said current joint executives, Stuart Machin and Katie Bickerstaffe, would take over Mr. Rowe’s responsibilities in a unique structure.

Mr. Machin will become CEO and will be responsible for the day-to-day leadership of the business and the executive committee.

He will oversee his current responsibilities, including leading M&S’s food business, as well as operations, assets, store development and technology, and will be responsible for sourcing. corporate communications and human resources.

Ms. Bickerstaffe will become co-CEO with a focus on advancing M&S’s cross-platform sales strategy, while retaining her existing responsibilities for clothing & home, MS2, the international and financial services.

Both Mr Machin and Ms Bickerstaffe will join M&S’s board on May 25.

“The view of the board is that under the current team, the business has grown significantly and continuity of strategy and leadership is an advantage,” said M&S.

However, some analysts argue that it is ontradicted M & S’s d desire a cleaner structure.