TIDMMKS
RNS Number : 3670L
Marks & Spencer Group PLC
18 April 2018
Issued: 18 April 2018
Press Release
Next step in reorganisation of M&S management
and Director departure
M&S today announced a further step in its programme to
reorganise into a family of accountable businesses. As a result,
the corporate marketing teams will be devolved into the Clothing
& Home and Food businesses. Once this is complete, Patrick
Bousquet-Chavanne, who has served on the board for the last six
years will be leaving the business. He steps down from the board
today and will leave M&S at the end of May.
Steve Rowe, Chief Executive, said: "Patrick has overseen some
extraordinary marketing programmes for M&S corporately and made
great strides in laying the foundations of our digital business as
well as extending our Plan A credentials. He brought great brand
marketing skills and creativity to the business. We thank him for
his contribution and wish him well for the future."
Patrick Bousquet-Chavanne said: "Leading M&S's global
marketing agenda and, most recently, our digital transformation at
a time of complex retail industry changes has been highly
fulfilling. M&S is a very special brand with a powerful
relationship with the British public. Its future is in great hands
with Steve's dynamic leadership of the business
transformation."
A central plan of this first stage of M&S's transformation
programme is to move towards a faster more commercial M&S built
around a family of accountable businesses, each with its own top
calibre leadership. This means that much of corporate marketing
will now report to the Marketing Directors of Clothing & Home
and Food, under Jill McDonald and Stuart Machin respectively.
Initial steps towards this have already been taken with the
appointment of Sharry Cramond from Southeastern Grocers to head up
Food Marketing, and the appointment of Nathan Ansell to run
Clothing & Home Marketing.
A streamlined central marketing team looking after the digital
information and data services that support both main businesses and
also the oversight of new development businesses, primarily in the
digital space, will be retained.
-Ends-
Remuneration:
The following information is provided in accordance with section
430(2B) of the Companies Act 2006:
-- Patrick Bousquet-Chavanne's remuneration terms will be in
line with his service agreement and the relevant provisions of the
Marks and Spencer Group plc's Executive Remuneration Policy
approved by shareholders in 2017.
Patrick Bousquet-Chavanne will receive salary and benefits,
including pension, by way of phased monthly payments (subject to
mitigation) for up to nine months from May 2018 to 28 February 2019
at the latest.
-- He will not be eligible to participate in the Annual Bonus or
Performance Share Plan awards for 2018/19.
-- Any unvested conditional awards granted to Patrick
Bousquet-Chavanne under the Deferred Share Bonus Plan will vest in
full on termination.
-- Any unvested conditional awards granted in 2015 and 2016
under the Performance Share Plan will be time pro-rated and will
vest, subject to performance conditions, on a wait and see basis at
the normal vesting date. The award made in 2017 will lapse on
leaving in accordance with the Plan rules.
Further details of the operation of the Deferred Share Bonus
Plan and Performance Share Plan are set out in the Directors'
Remuneration Report in our Annual Report and Financial Statements
2017. Full disclosure of these remuneration arrangements will be
provided in our Directors' Remuneration Report in 2018.
For further information, please contact:
Corporate Press Office: +44 (0)20 8718 1919
Out of hours calls: +44 (0)20 8718 2000
Notes to Editors:
Making M&S Special
In November 2017 Marks & Spencer set out a five year
transformation programme for the business concentrating on
Restoring the Basics, Shaping the Future and Making M&S
Special.
Under this transformation programme, Making M&S Special,
M&S has to date announced:
-- A slowdown in the Simply Food store opening programme
-- An acceleration of the UK store estate closure programme
-- The sale and franchise of its retail business in Hong Kong and Macau
-- A new Technology Transformation Programme
-- Improvements to its Clothing & Home Logistics Network
-- The restructure of the Customer, Marketing & Digital Team
-- New customer insight partnership with Starcount
-- The appointment of a new Food Managing Director
-- The merging of its Retail & Property functions
-- A New leadership team responsible for overhauling Clothing & Home business
People & Structure Changes
Since Steve Rowe became CEO in April 2016, M&S has set about
streamlining and changing its operational and leadership structure.
The Clothing & Home and Food businesses have been established
as two separate businesses, with strong management teams and full
P&L accountability.
Additionally, the senior leadership team has been strengthened
with senior hires, including:
-- David Guise, HR Director, appointed October 2016
-- Mel Smith, Strategy Director, appointed May 2017
-- Jill McDonald, Clothing & Home MD, appointed October 2017
-- Victoria Self, Digital Director, appointed January 2018
-- Sharry Cramond, Food Marketing Director, appointed January 2018
-- Lawrence Christensen, Independent Advisor on Supply Chain, appointed March 2018
-- Julian Richer, Independent Advisor on Culture Change, appointed March 2018
-- Stuart Machin, Food MD, joining April 2018
-- Humphrey Singer, CFO, joining July 2018
This information is provided by RNS
The company news service from the London Stock Exchange
END
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