Skip to content
Search
AI Powered
Latest Stories

Marks & Spencer reverts to single CEO

Marks & Spencer reverts to single CEO
Stuart Machin

Clothing-to-food retailer Marks & Spencer on Thursday said co-chief executive Katie Bickerstaffe would depart the company, leaving Stuart Machin in sole charge.

In an unusual move, M&S in early 2022 switched to being led by two CEOs after the retailer fell on hard times. It has since improved markedly, with its share price surging 50 per cent over the past 12 months on strong sales.


Machin has always been referred to as CEO, while Bickerstaffe's title was co-CEO.

"I'm very grateful to Katie for her support in seeing M&S through this important period in the reshaping of the business," Machin said in a statement. "We now have a much stronger business."

Bickerstaffe leaves in July "to pursue her board career", the company said.

"I will leave with great memories and a strong sense of achievement," she added in the statement.

Following the announcement, M&S shares were up 0.5 percent at 242 pence on London's top-tier FTSE 100 index.

"Marks & Spencer has a history of revolving doors with its senior management team, but the difference now is that the business seems to have found its groove and the turnaround story is gaining traction," noted AJ Bell investment director Russ Mould.

"It doesn't appear to be a case of someone senior leaving because the strategy isn't working. Machin is the architect behind the retailer's recent success and the fact he remains in the top job will be of comfort to shareholders and the market."

More for you

Food inflation eases as retailers treat customers to spooky season deals

iStock image

Food inflation eases as retailers treat customers to spooky season deals

October saw shop prices fall marginally further into deflation for the third consecutive month with food inflation eased, particularly for meat, fish and tea along with chocolate and sweets as retailers treated customers to spooky season deals, shows industry data released today (29).

According to British Retail Consortium (BRC), shop price deflation was at 0.8 per cent in October, down from deflation of 0.6 per cent in the previous month. This is below the 3-month average rate of -0.6 per cent. Shop price annual growth was at its lowest rate since August 2021.

Keep ReadingShow less
PayPoint

PayPoint unveils new partnership with Leeds Credit Union

PayPoint has announced a new partnership with Leeds Credit Union (‘LCU’), a financial cooperative with 37,000 members, enabling them access to its CashOut service, effective immediately.

The partnership will mean that LCU customers can access their cash and savings across any of PayPoint’s UK network of 29,000 retailer partners. This represents an unprecedented growth in accessibility and the first partnership of its kind for LCU. Historically customers have needed to visit one of LCU’s four branches to withdraw money.

Keep ReadingShow less
Philip Morris to close German factories as cigarette demand declines
A Philip Morris logo is pictured on a factory in Serrieres near Neuchatel, Switzerland December 8, 2017. REUTERS/Denis Balibouse/File Photo

Philip Morris Shutting Down German Factories Due to Declining Cigarette Demand

Marlboro-maker Philip Morris said Tuesday it planned to close down its two production sites in Germany, citing falling demand for cigarettes among Europeans.

"In recent years, demand for cigarettes in Europe has fallen significantly," the company said in a statement, adding that it saw the same trend for roll-your-own tobacco.

Keep ReadingShow less
Nisa retailer Prem Uthayakumaran donates thousands to support local communities

Nisa retailer Prem Uthayakumaran donates thousands to support local communities

Nisa retailer Prem Uthayakumaran has made significant donations totalling £3,500 to two local community organisations through Nisa’s Making a Difference Locally (MADL) charity.

The funds will provide essential support to groups within the communities that his stores serve, helping them continue their invaluable work.

Keep ReadingShow less
High streets pay over 'one third of UK's business rates'
(Photo by Jeff J Mitchell/Getty Images)

High streets pay over 'one third of UK's business rates'

High streets in the UK are collectively pay one third of all business rates while accounting for 9 per cent of the economy, British Retail Consortium (BRC) stated on Thursday (24), strengthening its call for a fairer level of business rates for hospitality and retail.

BRC and UKHospitalityare united in their call for the Chancellor to implement a fairer level of business rates for hospitality and retail at the Budget, which will rebalance a system that unfairly punishes our high streets and town centres. This was a manifesto pledge from Labour ahead of the election.

Keep ReadingShow less