LONDON, UK: After six years in role, Steve Rowe will stand down as Chief Executive Officer of Marks and Spencer (M&S) on the company’s preliminary outcomes on 25 May as a half of a deliberate succession programme.
Steve joined the enterprise from school on the age of 15 and rose through the ranks serving in a number of management roles to take over as Chief Executive at a difficult time in 2016.
Early in his tenure he outlined a far-reaching transformation programme beginning with a hard-hitting presentation about the challenges facing M&S and the necessity to ‘face the facts’. Since that time, Marks and Spencer (M&S) has gone through a remarkable interval of change, and it’s now in very different form from the enterprise he took over.
Amongst many examples are the settlement to take M&S Food on-line for the primary time through the Ocado Retail joint venture, the doubling of Clothing and Home on-line penetration, the revival of the Food business, addressing the legacy retailer property with the closure of over 60 shops and rebuilding worthwhile growth within the International business. Latterly Steve has guided the enterprise through the pandemic and ensured it got here through the disaster stronger.
During his tenure, Steve oversaw far reaching changes in organisation construction and management. As a result, he’ll leave a really strong management team and a faster, extra digital, commercial enterprise that’s nearer to the buyer and entrance line.
Steve Rowe commented: “It has been an enormous privilege to lead the enterprise I love and have spent just about all my profession working for.
Leaving will be in lots of methods very difficult for me however I really feel that after six hard years it’s the proper 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 final few years from shareholders, the Board, however most of all of the many thousands of colleagues within the business.
A piece of my coronary heart will always stay with the Marks and Spencer (M&S) family, and I really feel that we have done many of the hard yards to revive the enterprise to what it ought to be. I’m proud that I am leaving a really strong team who will lead it into the subsequent growth phase. I want them each success.”
Archie Norman, Chairman, commented: “Steve has been a magnificent servant of M&S, placing his coronary heart and soul into the job. Coming from the store floor to lead the business, he epitomises our values and has lived and breathed M&S for so many years. He resides proof of the alternatives M&S provides for nice people to succeed.
The M&S he took over was in parlous form and all through my tenure he has been fearless in greedy the nettles and facing into the challenges and has delivered massive progress. As we transfer into the subsequent growth phase, he leaves a really strong team to take the enterprise forward. But as somebody who has touched so many colleagues throughout the enterprise over the years, he’ll be a lot missed and goes with our huge affection and best wishes.”
Steve Rowe will stand down from the Board after preliminary outcomes on 25 May and stop full time employment with the enterprise on the AGM on 5 July. In view of his knowledge and formidable knowledge of the enterprise he has agreed to stay as an adviser to the brand new management for as a lot as 12 months.
Stuart Machin will become Chief Executive and can tackle responsibility for day-to-day management of the enterprise and the Executive Committee. He will proceed to have oversight of his present portfolio of responsibilities, which incorporates the management of our Food business, in addition to Operations, Property, Store Development and Technology. He will additionally tackle responsibility for HR and Corporate Communications and can join the PLC Board with impact from 25 May.
Katie Bickerstaffe will become Co-Chief Executive with a particular focus on driving the worldwide omnichannel, digital & data future for the business. She will retain her existing portfolio collectively with responsibility for Clothing & Home, MS2, International and Financial Services. Katie will additionally re-join the PLC board with impact from 25 May the place she was beforehand a non-executive director.
Eoin Tonge turns into Chief Strategy & Finance Officer. In addition to his present responsibilities, he’ll play an enhanced role in main the future development of the business. He will additionally tackle oversight of Plan A and stays on the PLC Board.
M&S is now launched into the second phase of its transformation programme, “Shaping The Future.” The Board’s view is that under the present team, the enterprise has made remarkable progress and that continuity of technique and management is advantageous. Bringing collectively these three excellent leaders will present the stability, tempo and bandwidth required to speed up the tempo of change.
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