Marks & Spencer co-CEO to step down

Katie Bickerstaffe, the joint chief executive officer of Marks & Spencer, is understood to be stepping down from the role after just two years.

Bickerstaffe will reportedly be handing over half of the position to her peer Stuart Machin, who will now become the retailer’s full CEO.

This is according to Sky News, which cited a source stating that Bickerstaff was leaving Marks & Spencer to pursue a non-executive director role at Kingfisher, the parent company of B&Q.

The media outlet said that official announcements from both companies are expected to come in the following days.

Bickerstaffe, who joined Marks & Spencer from SSE Energy Services, has been credited with amassing share options worth millions of pounds over her tenure, during which she oversaw digital, data and international aspects of the retailer’s business.

Prior to the co-CEO role, she had served as joint chief operating officer and chief transformation and strategy director for the British department store chain.

A source for Kingfisher told Sky News that the group was “fortunate to have recruited [Bickerstaffe]”.

Marks & Spencer has welcomed a strong financial period over the past year, with clothing and home sales increasing 4.8 percent over Christmas trading, while LFL sales were also up 4.8 percent.

This article was updated 09:45, Feb 7, with an official statement from Bickerstaffe to FashionUnited, reading: “I took on the Co-CEO role to support Stuart as he succeeded to Chief Executive Officer and because of my love for the brand and my determination to see the transformation of M&S through to the next stage. We have built a strong team, made great progress, and it is now right that the business and function heads report directly to Stuart. I will leave with great memories and a strong sense of achievement.”