M&S co-CEO Bickerstaffe to retire after AGM in July

7th Mar 2024 09:25

(Sharecast News) - Marks & Spencer confirmed on Thursday that co-chief executive Katie Bickerstaffe will retire after the annual meeting in July "to pursue her board career".

Bickerstaffe served as a non-executive director and co-chief operating officer of M&S prior to being appointed co-CEO, reporting into CEO Stuart Machin, in March 2022.

Machin said: "I'm very grateful to Katie for her support in seeing M&S through this important period in the reshaping of the business. We now have a much stronger business, and she will move on with our very best wishes."

Sky News first reported the news late on Wednesday.

Russ Mould, investment director at AJ Bell, said: "The co-CEO structure is always a difficult one to maintain as it presents the risk of a power struggle.

"It looked as if Stuart Machin had the upper hand from the first day their co-leadership was announced in 2022. He was always referred to as 'chief executive' without any 'co' in his title, unlike Bickerstaffe. She was often attributed as 'supporting' Machin, which implied being a deputy.

"The pair were previously joint chief operating officers, effectively divvying up oversight for various parts of the business. Bickerstaffe was not mentioned at all in the half-year results statement last November which gave a clue that something might be afoot.

"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. 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."