LONDON — After six years in his role, Steve Rowe will step down as chief executive officer of Marks & Spencer on May 25, when the company is set to announce its preliminary results.
The move is part of a planned succession program. The company said Rowe will cease full-time employment with the business at the annual general shareholders’ meeting on July 5, and has agreed to remain as an adviser to the new leadership for up to 12 months.
Rowe will be replaced by two co-CEOs: Stuart Machin and Katie Bickerstaffe.
Rowe joined the business from school at the age of 15, and rose through the ranks, serving in multiple leadership roles. He took over the top job in 2016, oversaw a major restructuring and consolidation at the retailer, ramped up the e-commerce offer and guided the store through the roller coaster of COVID-19.
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He also took M&S Food online for the first time through the Ocado Retail joint venture, closed more than 60 stores and rebuilt profitable growth in the international business.
“A piece of my heart will always remain with the M&S family, and I feel that we have done many of the hard yards to restore the business to what it should be,” Rowe said.
“I’m proud that I am leaving a very strong team who will lead it into the next growth phase. I wish them every success.”
Archie Norman, M&S chairman, said the retail business that Rowe took over in 2016 “was in parlous shape, and throughout my tenure Steve has been fearless in facing into the challenges, and has delivered massive progress. He leaves a very strong team to take the business forward.”
Machin will become co-CEO, responsible for the day-to-day leadership of the business and the executive committee.
The retailer said Machin will continue to have oversight of his current portfolio of responsibilities, which includes the leadership of the 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 board with effect from May 25.
Bickerstaffe will become co-CEO with a particular focus on driving the global omnichannel, digital and data future for the business, the store said.
She will retain her existing portfolio including responsibility for clothing and home, international and financial services. She will rejoin the board with effect from May 25 where she was previously a non-executive director.