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Tuesday, 21 May 2024
British retailer Marks & Spencer promoted food boss and strategy chief
British retailer Marks & Spencer promoted food boss and strategy chief

James Davey

British retailer Marks & Spencer has promoted strategy chief Katie Bickerstaffe and food boss Stuart Machin in a major shake-up of its management team's responsibilities, making them the internal frontrunners to succeed Steve Rowe as chief executive. Marks & Spencer

Marks & Spencer (M&S) (MKS.L) said the changes were to help the clothing and food group shift from the "fixing the basics" phase of its latest turnaround plan to a phase that will see it move on from the x crisis, reinvest and restore growth.

M&S said Bickerstaffe and Machin will become joint chief operating officers, reporting to Rowe who has been CEO since 2016.

Machin, whom media reports had linked with the CEO's job at supermarket Asda, will carry on as managing director of food but also supervise operations, property, store development and IT. Marks & Spencer

Bickerstaffe will oversee the data, services, clothing and home and international businesses.

If Bickerstaffe does ultimately take over from Rowe she would become M&S's first female boss in the group's 137-year history.

M&S said finance chief Eoin Tonge will as well take on strategy and transformation planning, while Sacha Berendji, currently retail, operations and property director, will move to center on the future of the retailer's store estate.

Richard Price and Paul Friston will remain as managing directors of clothing and home and international respectively.

"Stuart and Katie will bring even more impetus to our core businesses," said Rowe. Marks & Spencer

"With that I will, with Eoin’s support, be better able to concentrate on building the M&S of the future and our path to growth.”

After decades of failed turnaround tries, Rowe and chairman Archie Norman have tried to transform M&S's culture, closed stores, increased the use of technology and improved product and value to broaden the retailer's appeal.

But M&S was still struggling to reinvent itself before the pandemic hit.

A year ago it said the crisis would indelibly change its business and it would speed-up its latest plan, delivering three years of change in one.

In August, M&S cut 7,000 jobs and in November it reported the first loss in its 94 years as a publicly listed company.

Full year 2020-21 results will be published on May 26. Marks & Spencer


Source: Reuters