British retailer Marks & Spencer announced that co-chief executive Katie Bickerstaffe will be stepping down from her position, leaving Stuart Machin as the sole executive in charge of the company.
In an unusual move, M&S transitioned to a dual CEO model in early 2022 as the retailer faced difficulties. Since then, it has made notable strides, with its share price soaring 50 percent in the past year fueled by strong sales.
Machin has always been referred to as CEO, while Bickerstaffe’s title was co-CEO.
“I’m very grateful to Katie for her support in seeing M&S through this important period in the reshaping of the business,” Machin said in a statement. “We now have a much stronger business.”
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Bickerstaffe leaves in July “to pursue her board career”, the company said.
“I will leave with great memories and a strong sense of achievement,” she added in the statement.
After the announcement, M&S shares experienced a 0.5 percent increase, reaching 242 pence on London’s premier FTSE 100 index.
“Marks & Spencer has a history of revolving doors with its senior management team, but the difference now is that the business seems to have found its groove and the turnaround story is gaining traction,” noted AJ Bell investment director Russ Mould.
“It doesn’t appear to be a case of someone senior leaving because the strategy isn’t working. Machin is the architect behind the retailer’s recent success and the fact he remains in the top job will be of comfort to shareholders and the market.”
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