Yahoo Finance M&S joint chief executive to step down after just two years
Katie Bickerstaffe, the joint chief executive of Marks & Spencer, is to leave after just two years in the role.
Stuart Machin, chief executive, will take over sole responsibility of leading M&S after steering through the high street retailer through a turnaround which has seen it return to the FTSE 100. It is understood that Ms Bickerstaffe will not be replaced.
Ms Bickerstaffe became one of two chief executives in May 2022 in an unusual arrangement which saw her sharing the limelight with Stuart Machin.
She has lined up a role as a non-executive director of the B&Q owner Kingfisher, according to Sky News, which reported the changes. Ms Bickerstaffe is already on the boards of housebuilder Barratt Developments and the England and Wales Cricket Board.
Its long-awaited recovery has involved closing more than 100 low-performing stores as part of a 10-year restructuring plan, as well as selling third-party brands alongside its own products.
Online sales have also helped drive a resurgence in popularity among shoppers, after M&S was forced to bolster its e-commerce operation during the pandemic.
Shares have jumped almost 50pc over the past year.
When Mr Machin and Ms Bickerstaffe were appointed in March 2022, industry experts questioned the logic of having two people seemingly in the chief executive job.
One industry source said at the time: “It’s all very strange, he’s chief executive, and she’s co-chief executive. He’s running the business. How can you be co-chief executive then? The City likes one person to blame and one person to report.”
Before joining M&S, Ms Bickerstaffe ran the UK and Irish business of Dixons Carphone, now called Currys. She joined M&S as a non-executive director in 2018, before switching to a four day a week job as chief transformation and strategy director two years later.
M&S declined to comment.
