REG - Marks and Spencer Gp - Steve Rowe to Step Down as CEO of M&S

Marks and SpencerAnnouncement

10/03/2022 14:15

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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 -

 

For more information, please call:

Corporate Press Office:                    +44 (0)20 8718 1919

 

 

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