The first female boss of Marks and Spencer is to step down.
Katie Bickerstaffe was appointed co-chief executive two years ago and has helped oversee a major turnaround in the High Street giant’s fortunes.
But much of the credit has gone to chairman Archie Norman and Stuart Machin, who was appointed alongside Bickerstaffe in March 2022 and given what appeared to be the more senior title of chief executive.
Bickerstaffe even reported to Machin despite the fact they apparently shared the top job. Her departure is likely to be announced within days, according to Sky News.
She will become a non-executive director of B&Q owner Kingfisher.
Two’s a crowd? Stuart Machin and Kate Bickerstaffe back in 2010. Bickerstaffe is to step down as M&S’s co-chief exec
Bickerstaffe wants to have several jobs on firms’ boards after helping steer M&S through a comeback after several years in the doldrums.
Last year it returned to the FTSE 100 after a four-year absence. Shares are up almost 50 per cent in the past year.
Bickerstaffe has been at the heart of a renaissance with Norman and Machin afer becoming the first female leader in the firm’s 138-year-old history.
Food director Machin was appointed chief executive and tasked with the day-to-day running of the business.
And Bickerstaffe was in charge of areas such as financial services and the brand’s international presence.
She is responsible for the group’s clothing and home section, which has been a critical part of the revival as the shop is now seen as fashionable.
It has dropped dowdy clothing ranges and lured new and younger shoppers.
Actress Sienna Miller was the face of its autumn collection and Ted Lasso star Hannah Waddingham featured in its Christmas advert.
For a four-day week mother-of-two Bickerstaffe, 54, was paid £2.22million in the year to April 1, 2023, including a £673,000 salary and a £1.55million performance-related bonus. Machin, meanwhile who works a five-day week, was paid a total of £2.53million.
It meant Bickerstaffe was paid pro rata more than Machin, 52.
She had previously been chief operating officer, and chief strategy and transformation officer, and also spent almost a decade at Dixons Carphone.
Both Marks and Spencer and Kingfisher would not comment last night.
