NEXT STEP IN REORGANISATION OF M&S MANAGEMENT AND DIRECTOR DEPARTURE
M&S today announced a further step in its programme to reorganise into a family of accountable businesses. As a result, the corporate marketing teams will be devolved into the Clothing & Home and Food businesses. Once this is complete, Patrick Bousquet-Chavanne, who has served on the board for the last six years will be leaving the business. He steps down from the board today and will leave M&S at the end of May.
Steve Rowe, Chief Executive, said: “Patrick has overseen some extraordinary marketing programmes for M&S corporately and made great strides in laying the foundations of our digital business as well as extending our Plan A credentials. He brought great brand marketing skills and creativity to the business. We thank him for his contribution and wish him well for the future.”
Patrick Bousquet-Chavanne said: “Leading M&S’s global marketing agenda and, most recently, our digital transformation at a time of complex retail industry changes has been highly fulfilling. M&S is a very special brand with a powerful relationship with the British public. Its future is in great hands with Steve’s dynamic leadership of the business transformation.”
A central plan of this first stage of M&S’s transformation programme is to move towards a faster more commercial M&S built around a family of accountable businesses, each with its own top calibre leadership. This means that much of corporate marketing will now report to the Marketing Directors of Clothing & Home and Food, under Jill McDonald and Stuart Machin respectively.
Initial steps towards this have already been taken with the appointment of Sharry Cramond from Southeastern Grocers to head up Food Marketing, and the appointment of Nathan Ansell to run Clothing & Home Marketing.
A streamlined central marketing team looking after the digital information and data services that support both main businesses and also the oversight of new development businesses, primarily in the digital space, will be retained.
The following information is provided in accordance with section 430(2B) of the Companies Act 2006:
- Patrick Bousquet-Chavanne’s remuneration terms will be in line with his service agreement and the relevant provisions of the Marks and Spencer Group plc’s Executive Remuneration Policy approved by shareholders in 2017.
Patrick Bousquet-Chavanne will receive salary and benefits, including pension, by way of phased monthly payments (subject to mitigation) for up to nine months from May 2018 to 28 February 2019 at the latest.
- He will not be eligible to participate in the Annual Bonus or Performance Share Plan awards for 2018/19.
- Any unvested conditional awards granted to Patrick Bousquet-Chavanne under the Deferred Share Bonus Plan will vest in full on termination.
- Any unvested conditional awards granted in 2015 and 2016 under the Performance Share Plan will be time pro-rated and will vest, subject to performance conditions, on a wait and see basis at the normal vesting date. The award made in 2017 will lapse on leaving in accordance with the Plan rules.
Further details of the operation of the Deferred Share Bonus Plan and Performance Share Plan are set out in the Directors’ Remuneration Report in our Annual Report and Financial Statements 2017. Full disclosure of these remuneration arrangements will be provided in our Directors’ Remuneration Report in 2018.
For further information, please contact:
Corporate Press Office: +44 (0)20 8718 1919
Out of hours calls: +44 (0)20 8718 2000
Notes to Editors:
Making M&S Special
In November 2017 Marks & Spencer set out a five year transformation programme for the business concentrating on Restoring the Basics, Shaping the Future and Making M&S Special.
Under this transformation programme, Making M&S Special, M&S has to date announced:
- A slowdown in the Simply Food store opening programme
- An acceleration of the UK store estate closure programme
- The sale and franchise of its retail business in Hong Kong and Macau
- A new Technology Transformation Programme
- Improvements to its Clothing & Home Logistics Network
- The restructure of the Customer, Marketing & Digital Team
- New customer insight partnership with Starcount
- The appointment of a new Food Managing Director
- The merging of its Retail & Property functions
- A New leadership team responsible for overhauling Clothing & Home business
People & Structure Changes
Since Steve Rowe became CEO in April 2016, M&S has set about streamlining and changing its operational and leadership structure. The Clothing & Home and Food businesses have been established as two separate businesses, with strong management teams and full P&L accountability.
Additionally, the senior leadership team has been strengthened with senior hires, including:
- David Guise, HR Director, appointed October 2016
- Mel Smith, Strategy Director, appointed May 2017
- Jill McDonald, Clothing & Home MD, appointed October 2017
- Victoria Self, Digital Director, appointed January 2018
- Sharry Cramond, Food Marketing Director, appointed January 2018
- Lawrence Christensen, Independent Advisor on Supply Chain, appointed March 2018
- Julian Richer, Independent Advisor on Culture Change, appointed March 2018
- Stuart Machin, Food MD, joining April 2018
- Humphrey Singer, CFO, joining July 2018