Marks and Spencer Group PLC Steve Rowe to Step Down as CEO of M&S (3839E)
March 10 2022 - 08:03AM
UK Regulatory
TIDMMKS
RNS Number : 3839E
Marks and Spencer Group PLC
10 March 2022
MARKS AND SPENCER GROUP PLC
STEVE ROWE TO PASS ON THE BATON AFTER 6 SUCCESSFUL YEARS AS CEO
OF M&S
After six years in role, Steve Rowe will stand down as Chief
Executive Officer of M&S at the company's preliminary results
on 25 May as part of a planned succession programme.
Steve joined the business from school at the age of 15 and rose
through the ranks serving in multiple leadership roles to take over
as Chief Executive at a difficult time in 2016. Early in his tenure
he outlined a far-reaching transformation programme starting with a
hard-hitting presentation about the challenges facing M&S and
the need to 'face the facts'. Since that time, M&S has gone
through a remarkable period of change, and it is now in very
different shape from the business he took over. Amongst many
examples are the agreement to take M&S Food online for the
first time through the Ocado Retail joint venture, the doubling of
Clothing and Home online penetration, the revival of the Food
business, addressing the legacy store estate with the closure of
over 60 stores and rebuilding profitable growth in the
International business. Latterly Steve has guided the business
through the pandemic and ensured it came through the crisis
stronger.
During his tenure, Steve oversaw far reaching changes in
organisation structure and management. As a result, he will leave a
very strong leadership team and a faster, more digital, commercial
business that's closer to the customer and front line.
Steve Rowe commented:
"It has been an enormous privilege to lead the business I love
and have spent almost all my career working for. Leaving will be in
many ways very difficult for me but I feel that after six hard
years it is the right time to pass on the baton. I am enormously
grateful for the support I have had in driving through the
extraordinary transformation programme of the last few years from
shareholders, the Board, but most of all the many thousands of
colleagues in the business. A piece of my heart will always remain
with the M&S family, and I feel that we have done many of the
hard yards to restore the business to what it should be. I'm proud
that I am leaving a very strong team who will lead it into the next
growth phase. I wish them every success."
Archie Norman, Chairman, commented:
"Steve has been a magnificent servant of M&S, putting his
heart and soul into the job. Coming from the shop floor to lead the
business, he epitomises our values and has lived and breathed
M&S for so many years. He is living proof of the opportunities
M&S provides for great people to succeed. The M&S he took
over was in parlous shape and throughout my tenure he has been
fearless in grasping the nettles and facing into the challenges and
has delivered massive progress. As we move into the next growth
phase, he leaves a very strong team to take the business forward.
But as someone who has touched so many colleagues across the
business over the years, he will be much missed and goes with our
huge affection and best wishes."
Steve Rowe will stand down from the Board after preliminary
results on 25 May and cease full time employment with the business
at the AGM on 5 July. In view of his wisdom and formidable
knowledge of the business he has agreed to remain as an adviser to
the new leadership for up to 12 months.
This announcement has been made in accordance with the
requirements of 9.6.11 of the UK Listing Rules.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK version of the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
-Ends -
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END
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