M&S joint chief Katie Bickerstaffe is stepping down after two years in the role

07 March 2024 , 11:47

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M&S chief executive Stuart Machin, departing co-chief executive Katie Bickerstaffe and former group chief finance officers and chief strategy officer Eoin Tonge (Image: PA Media)

M&S joint boss Katie Bickerstaffe is leaving her role at the retailer, which she's held for just over two years.

She plans to step down in July after the company's annual general meeting to "pursue her board career" and take on other roles. Ms Bickerstaffe has been in charge of overseeing areas such as data, digital, and technology since being appointed co-chief executive with Stuart Machin in March 2022.

M&S has seen a strong upturn in trading recently, with its share prices gaining 50 per cent, following increasing sales. As Ms Bickerstaffe exits, Stuart Machin will become the solo CEO of the company. Rachel Higham is set to join M&S as the leader of the data and technology sector. She'll join from marketing giant WPP when the new financial year begins and will sit on the executive committee.

Ms Bickerstaffe initially joined M&S as a non-executive director in 2018, got an executive role in 2020, became a co-chief operating officer with Mr Machin in 2021, and then took up the co-chief executive role in 2022. Previous to this, she led the UK business for Dixons Carphone and also led SSE's retail energy services division.

Her efforts paid off - she received a £2.2 million salary in the 2022/23 financial year for working in her role four days a week. M&S has announced that she will continue to get her usual pay, pension, and perks until 10 July. Ms 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."

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"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."

Mr Machin expressed his gratitude: "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."

Lawrence Matheson