REG - Marks and Spencer Gp - Katie Bickerstaffe - Planned Leadership Evolution

Marks and SpencerAnnouncement

07/03/2024 08:45

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RNS Number : 9852F  Marks and Spencer Group PLC  07 March 2024

 

MARKS AND SPENCER GROUP PLC

PLANNED LEADERSHIP EVOLUTION AT M&S

 

Katie Bickerstaffe will retire from M&S after the AGM in July 2024 to
pursue her board career.

 

Katie served as a Non-Executive Director and Co-Chief Operating Officer of
M&S prior to being appointed Co-CEO, reporting into Chief Executive
Officer Stuart Machin, in March 2022. Having helped see through that
leadership change, the strengthening of the management team and a marked
improvement in the performance of the business, she will move on to take other
board roles in line with the original transition plan.

 

"I'm very grateful to Katie for her support in seeing M&S through this
important period in the reshaping of the business. We now have a much stronger
business, and she will move on with our very best wishes," commented Stuart
Machin, CEO.

 

Katie Bickerstaffe said, "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."

 

This announcement has been made in accordance with the requirements of 9.6.11
of the UK Listing Rules.

 

 

ENDS

Notes to Editors

·      Katie Bickerstaffe joined M&S as a Non-Executive Director in
2018 and moved into an executive role in 2020, becoming co-Chief Operating
Officer alongside Stuart Machin in 2021. In May 2022 Stuart took over as Chief
Executive Officer and Katie became co-Chief Executive Officer, reporting into
him to oversee some parts of the business. Katie's particular focus has been
on Data, Digital and Technology and, as announced on 25 January, Rachel Higham
will be joining M&S from WPP in the new financial year to take over this
function, reporting to Stuart, and will sit on the Executive Committee.

 

·      Katie has always been clear that once this transition was
complete, she would want to develop her board career alongside the positions
she already holds at Barratt Developments PLC and the England and Wales
Cricket Board.

 

The following information is provided pursuant to section 430(2B) of the
Companies Act 2006. The following terms have been agreed with Katie
Bickerstaffe in connection with her departure and are in line with the
Company's Remuneration Policy which was approved by shareholders at the 2023
AGM.

 

Salary, Benefits and Pension

·      Katie will continue to receive her normal remuneration in terms
of salary, pension, and company benefits, in accordance with her service
agreement, up to and including 10 July 2024.

·      In deciding on her arrangements, the Committee has not wanted to
pay excessively in the context of the remainder of her notice period following
her departure. To achieve this, Katie will not receive any of her fixed pay
elements (including basic salary, pension, and company benefits) from 10 July
2024.

 

Bonus

·      The Remuneration Committee has determined that, as a good leaver,
Katie will be eligible to receive a bonus in respect of the Company's
financial year ending 30 March 2024, as she will have worked for the Group
throughout this period.

·      The amount of any bonus will be subject to the satisfaction of
the relevant performance criteria.

·      Katie will not be eligible to receive any bonus in respect of the
financial year ending 29 March 2025.

·      All DSBP awards will remain subject to all scheme rules,
including malus and clawback provisions.

 

PSP

·      The Remuneration Committee has determined that Katie will be
treated as a good leaver in respect of her unvested awards under the Marks and
Spencer Performance Share Plan.

·      Her 2021, 2022 and 2023 PSP awards will vest at the normal
vesting dates, subject to the relevant plans, achievement of the relevant
performance criteria and subject to time pro-ration.

·      All PSP awards will remain subject to all scheme rules, including
post-vesting holding periods and malus and clawback provisions.

 

RSP

·      During her time as Chief Strategy and Transformation Director,
Katie was granted an award under the Marks and Spencer Restricted Share Plan
in line with all other Executive Committee members at the time.

·      The Remuneration Committee has determined that Katie will be
treated as a good leaver in respect of her unvested awards under the Marks and
Spencer Restricted Share Plan.

·      Her award will vest at the normal vesting date subject to time
pro-ration.

·      Her award will remain subject to all scheme rules, including
malus and clawback provisions.

 

Further details of the contractual and leaving provisions for Katie will be
summarised in the Directors' Remuneration Report in the 2024 Annual Report
& Financial Statements.

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