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Following the announcement that Steve Rowe is standing down as Chief Executive Officer at the company’s preliminary results on 25 May, M&S is now moving to implement its planned succession process.

Stuart Machin will become Chief Executive and will take on responsibility for day-to-day leadership of the business and the Executive Committee. He will continue to have oversight of his current portfolio of responsibilities, which includes the leadership of our Food business, as well as Operations, Property, Store Development and Technology. He will also take on responsibility for HR and Corporate Communications and will join the PLC Board with effect from 25 May. 

Katie Bickerstaffe will become Co-Chief Executive with a particular focus on driving the global omnichannel, digital & data future for the business. She will retain her existing portfolio including responsibility for Clothing & Home, MS2, International and Financial Services. Katie will also re-join the PLC board with effect from 25 May where she was previously a non-executive director. 

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. He will also take on oversight of Plan A and remains on the PLC Board. 

 

M&S is now embarked on the second phase of its transformation programme, “Shaping The Future.” The Board’s view is that under the current team, the business has made remarkable progress and that continuity of strategy and leadership is advantageous. Bringing together these three outstanding leaders will provide the stability, pace and bandwidth required to accelerate the pace of change.

Archie Norman, Chairman, commented: “The appointments we are making today bring together a very strong leadership team to take the business into the next stage of its transformation. Both Stuart and Katie are outstanding high impact leaders with very strong track records and experience of leading businesses through transformative change. With Eoin, they make a very powerful leadership team able to span the full breadth of our businesses. Given the very strong recent progress we have made, keeping up the pace and momentum is critical. We are delighted to have brought together three exceptional individuals who, with the support of the executive committee, will provide vision, energy and pace for this next phase.”

This announcement has been made in accordance with the requirements of 9.6.11 of the UK Listing Rules.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

NOTES:

Katie Bickerstaffe is currently a non-executive director of Barratt Developments PLC. In the last five years, Katie has also held directorships with SSE plc and Dixons Carphone plc.

The Company confirms that there is no further information required to be disclosed pursuant to paragraph 9.6.13 of the UK Listing Rules. 


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