Marks & Spencer aims to ‘accelerate pace of change’ with new board rejig

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Marks & Spencer Group PLC (LON:MKS) is making more changes to its board and management structure as it says it is moving on from ‘fixing the basics’ to reinvesting in the brand and restoring growth.


Reporting to chief executive Steve Rowe will be a pair of joint chief operating officers, while chief financial officer Eoin Tonge will take on an additional strategy and transformation planning remit.


Rowe, who was appointed in 2016 and has overseen a period of painful restructuring amid significant structural shifts in the high streeet, said the company has “covered a lot of ground” over the three years since he launched the strategy and the board felt now was time for “accelerating the pace of change”.


READ: Marks and Spencer to close 29 in-store bank branches amid restructuring


Katie and Stuart Machin will become joint COOs, with Machin continuing as managing director of food and now also responsible for operations, property, store development and IT.


Bickerstaffe, the former Dixons boss who was appointed to the M&S board as a non-executive director in 2018 and shifted to an executive role as chief strategy and transformation director, will oversee the data, services, Clothing & Home and international businesses.


Operations boss Sacha Berendji is moving to focus on ‘future stores’ and to “accelerate the development of our 10X digital stores” and other store changes.


The shares, which have fallen 60% since Rowe started as CEO, were up 1% to 157.3p on Tuesday.

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