Marks and Spencer (M&S) has revealed a series of new appointments to “accelerate” progress in its transformation following the announcement yesterday that Steve Rowe is standing down as chief executive officer on 25 May.
As part of the planned succession process, Stuart Machin will become chief executive and will take on responsibility for the day-to-day leadership of the business and the executive committee.
Meanwhile, Katie Bickerstaffe will become co-chief executive with a particular focus on driving the global omnichannel, digital and data future for the business. She will retain her existing portfolio including responsibility for Clothing and Home, MS2, International and Financial Services.
Additionally, Eoin Tonge will become chief strategy and finance officer. In addition to his current responsibilities, he will play an “enhanced” role in leading the future development of the business.
Machin will also take on responsibility for HR and Corporate Communications and will join the PLC board with effect from 25 May, while Bickerstaffe will rejoin the PLC board where she was previously a non-executive director, and Tonge will take on oversight of Plan A and remain on the PLC board.
Archie Norman, M&S chairman, said: “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.”