NewsPeople MovesSupermarkets

Steve Rowe to step down as M&S CEO

Rowe will also cease full-time employment with the company, although he has agreed to temporarily remain as an adviser to the new leadership

Marks and Spencer (M&S) has revealed that Steve Rowe will stand down as chief executive officer (CEO) as part of a planned succession programme after six years in the role, effective 25 May.

Rowe will also cease full-time employment with the business on 5 July, although he has agreed to remain as an adviser to the new leadership for up to 12 months.

Throughout his tenure, Rowe served in multiple leadership roles since joining the business at the age of 15, having taken over as CEO at a “difficult” time in 2016.

He has been responsible for outlining transformation programmes, including the agreement to take M&S Food online for the first time through the Ocado Retail joint venture, the doubling of Clothing and Home online penetration, the revival of the Food business, the closure of over 60 stores and rebuilding profitable growth in the international business.

Rowe has overseen changes in M&S’ organisation structure and management. M&S said that under his leadership, the company has gone through a “remarkable” period of change, and it is now in “very different shape” from the business he took over.  

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 last few years from shareholders, the Board, but most of all the many thousands of colleagues in the business.”

Archie Norman, chairman, added: “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.

“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.”

Back to top button