Marks & Spencer chief Sir Stuart Rose has put an end to speculation about his future by agreeing to stay with the company until July 2011 as part of a raft of management changes announced today (10 March).
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The executive overhaul will see Sir Stuart move up from his current role as chief executive to executive chairman on 1 June, for a three-year tenure before he retires.
The retailer said Lord Burns, its current non-executive chairman, will stand down in June after less than two years in the job.
The boardroom reshuffle will also see director of retail Guy Farrant leave after 30 years at the firm.
In other changes, Ian Dyson will become group finance and operations director, taking on responsibility for retail and HR, alongside his current responsibilities of finance, IT, logistics, property and store development.
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By GlobalDataFood director Steven Esom will continue in that role but will also take a seat on the company’s board.
Steve Sharp will continue as executive director, marketing, with responsibility for marketing, M&S Money and store design.
The announcement ends uncertainty about Sir Stuart’s plans. When he joined Marks & Spencer in 2004 he indicated he would stay with the firm for five years until 2009.
M&S also said the changes will “ensure continuity of leadership, strengthen the board and streamline the organisation to maximise its growth potential”.
Lord Burns said: “Placing Stuart in this new role creates the right leadership structure for the company. Stuart has the unique skills to continue the challenge of making M&S a world class retailer, and to develop the future leaders of the business.”
Sir Stuart added: “In taking on the role of executive chairman, my task will be to guide the business through the next stage of growth.”
The retailer has made substantial progress under his direction, although growth has slowed in the last few months.
In January, M&S posted its worst quarterly results in more than two years and warned that tough trading conditions are likely to persist in 2008.
